East Capital Partners And ViletCo Enterprises Secure $26M Construction Loan In Hialeah

The development site located at 16300 Northwest 97th Avenue in Hialeah spans 9.4 acres. The property, a 170,000-square-foot spec warehouse, is the focus of a construction project set to be completed by April 2025. FirstBank Florida provided a $26 million construction loan for this development. Drew T. DeWitt of East Capital Partners and Klaas F. Vlietstra of ViletCo Enterprises are the landlords involved in this transaction.

Summary of transation details:

• Property Type: Development Site
• Transaction Amount: $26,000,000
• Address: 16300 Northwest 97th Avenue
• Market: Hialeah
• Loan Type: Construction Loan
• Lender: FirstBank Florida
• Landlords: Drew T. DeWitt - East Capital Partners; Klaas F. Vlietstra - ViletCo Enterprises

East Capital Partners and ViletCo Enterprises secured the $26 million construction loan from FirstBank Florida for the development of the warehouse. The developers acquired the property for $12.95 million in 2022 and engaged Miller Construction as the general contractor for the project.