Prestige Companies Secures $60.7M Construction Loan For Flamingo Village In Hialeah

Prestige Companies has secured $60.7 million in construction financing from Centennial Bank for the development of Flamingo Village, a 343-unit apartment complex situated at 100 East 32nd Street in Hialeah. The property, with a land area of 13.1 acres, is part of a larger mixed-use redevelopment plan and is expected to be completed by next year. The project will feature low-rise buildings, a charter school, and will preserve the historic race track building located at Hialeah Park Racing & Casino.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $60,700,000
• Address: 100 East 32nd Street
• Market: Hialeah
• Lender: Centennial Bank
• Landlord: Prestige Companies - Marty Caparros & Alexander Ruiz
• Loan Type: Construction Loan

Prestige Companies, led by Marty Caparros and Alexander Ruiz, successfully obtained the construction financing from Centennial Bank to realize the development of Flamingo Village. The project aims to revitalize the area with the construction of the apartment complex while preserving the historical significance of the race track building. The development plan also includes a charter school, creating a diverse mixed-use space in Hialeah.