Raimundo Onetto & Ignacio Montes Secure $60M Construction Loan From City National Bank For Development Site

The asset involved in the transaction is a development site located at 24450 Southwest 127th Avenue in the Homestead market, encompassing an area of 11.8 acres. The property is supported by a construction loan totaling $60,000,000 provided by City National Bank of Florida.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $60,000,000
• Lender: City National Bank of Florida
• Landlord: Raimundo Onetto & Ignacio Montes - Alta Developers
• Market: Homestead
• Loan Type: Construction
• Initial Phase: 378 apartments and 493 parking spaces
• Planned Second Phase: 226 additional units

Raimundo Onetto and Ignacio Montes, representing Alta Developers, are driving the Princeton Commons project forward after securing the construction funding. The development marks an important step in the expansion of housing in southern Miami-Dade, with notable phases planned for the site.