The Real Deal Miami

Miami banks returning to financing game

June 13, 2012 11:15AM

More and more South Florida banks are beginning to ease up on their longstanding reluctance to finance commercial properties, according to Miami Today. As banks become more liquid, their mindset is beginning to change. “There are some banks lending today,” said Gary Fitzgerald, executive vice president at City National Bank, which recently made a $13.5 million loan on the Starcreek apartment complex in North Miami Beach. “I think there is growth in the availability of financing. Banks are flush with liquidity.” Carlos Fernandez-Guzman, president and CEO of Pacific National Bank in Miami, cautioned that financing was still coming on line in a very selective way. “It’s still not a trend,” he said. “It’s niche. It’s based on what they did in the tough years.” [Miami Today]