Florida Community Bank (FCB) provided a $37.8 million construction loan on a multifamily project in West Miami, according to Miami-Dade county property records.
The lender provided the loan to an LLC tied to the project’s developer, The Estate Companies. The lender had provided a previous $4.5 million loan in 2015, the records show.
The borrower, Gables Gate Tower II LLC, an affiliate of The Estate Companies, has broken ground on at least three multifamily projects in West Miami, including the nearby Gables Gate Tower, with partner developers.
The mortgage covers the Soleste West Gables 2 development site, slated to open in 2017, sources confirmed. The land totals 76,354 sq ft on the block between 20th and 21st streets on Ludlum Avenue.
The building is one of three that partners The Estate Companies, Fortune Capital Partners, and Mattoni Group are working on in the area. They recently completed the 206-unit project next door, Soleste West Gables, at 2101 Ludlam Road.
Florida Community Bank has $7.3 billion in assets and is the third largest Florida-based independent bank, according to the company’s website.
The Estate Companies was founded in 2012 as a full-service real estate group based in South Florida.