The Real Deal Miami

Fanjul sugar moguls score loan for new
Palmetto Bay project

FCI Residential plans 271-unit apartment building with retail space
By Katherine Kallergis | November 08, 2017 04:00PM

 

Rendering of Atlantico at Palmetto Bay

The development arm of the Fanjul’s Florida Crystals just took out a $43.6 million construction loan for an apartment complex in Palmetto Bay.

PNC is providing the financing, property records show. FCI Residential plans to build Atlantico Palmetto Bay, a 271-unit rental building at 17945 Southwest 97th Avenue with about 7,000 square feet of commercial space.

Last year, FCI affiliate FCI Palmetto Bay LLC paid $7.8 million for the nearly 4-acre site, which previously housed a bank branch.

Florida Crystals, owned by sugar mogul brothers Alfonso Fanjul and José Pepe Fanjul, focuses its real estate arm on multifamily developments. In 2016, it opened Atlantico at Kendall, a 322-unit apartment building, and has developments in Miramar and Delray Beach. FCI, formed in 2012, was working on at least 10 projects and planned to deliver 2,800 apartments by this year.

Atlantico Palmetto Bay will be part of the city’s new downtown, a project that’s expected to cost between $10 million and $12 million.