Drew Rosen Of Shores At Palmetto Bay LLC Secures $19M Loan From Valley National Bank For Development Site

The property asset is a development site located at the southwest corner of Southwest 178th Street and Southwest 97th Avenue/Franjo Road in Palmetto Bay, encompassing an area of 2.74 acres. The asset is supported by a construction loan amounting to $19,000,000, which will facilitate the construction of an 80-unit, three-story apartment complex along with 5,880 square feet of retail space. This project signifies continuing development within the residential and retail sector of south Miami-Dade County.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $19,000,000
• Address: Southwest Corner of Southwest 178th Street & Southwest 97th Avenue/Franjo Road
• Market: Palmetto Bay
• Lender: Valley National Bank
• Landlord: Drew Rosen - Shores at Palmetto Bay LLC
• Loan Type: Construction
• Acres: 2.74

The key individuals in this transaction include Drew Rosen, representing Shores at Palmetto Bay LLC as the landlord, and Valley National Bank as the lender. The project initially proposed 120 units; however, the plan was scaled down to the current 80 units before receiving approval. The financing from Valley National Bank enables the commencement of construction on this project, reflecting ongoing investment in the area.