Miami River Apartments secure $35.5M loan

Joseph Milton
Joseph Milton

The Miami River Apartments scored a $35.5 million construction loan from Sabadell United Bank.

The Miami-based bank provided the mortgage to 27 Riverfront LLC, an affiliate of Coral Gables-based J. Milton and Associates headed by Joseph Milton, according to the South Florida Business Journal. The developer is building 250 apartment units at 2601 Northwest 16th Street.

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Milton purchased the 1.7-acre site for $2.3 million in 2011 and construction is already underway. [South Florida Business Journal]Christopher Cameron