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