Multifamily arm of Florida Crystals nabs construction loan for Hialeah project

Lennar sold the nearly 11-acre site in 2017 for $9M

Jul.July 24, 2019 04:30 PM
Juan Porro and Pepe Fanjul Jr.

Juan Porro and Pepe Fanjul Jr.

The apartment development arm of Florida Crystals closed on a $38 million construction loan for a new project in Hialeah.

FC Hialeah Development LLC scored the financing from PNC Bank for the 245-unit development planned for 11055 West 36th Avenue. The FCI Residential affiliate acquired the 10.8-acre site from Lennar Corp. in 2017 for $9 million.

The property is west of I-75 and east of the Florida Turnpike, near the massive site of the planned American Dream Miami mega-mall. Over a year ago, Triple Five Group scored county commission approval for the $4 billion development when the commission voted to re-designate nearly 174 acres in unincorporated northwest Miami-Dade from “industrial and office” to “business and office.” That will allow Triple Five to build 3.5 million square feet of retail space, a massive theme park and 2,000 hotel rooms on the land.

FCI Residential, led by managing directors Pepe Fanjul Jr. and Juan Porro, has more than 4,500 apartments throughout southern Florida, according to its website.

FCI has as a number of apartment projects in the pipeline in South Florida.

In June, it landed a $54.1 million construction loan from Regions Bank to build a new apartment community in Miramar. The project is approved for up to 300 apartments between Flamingo Road and Red Road just south of the Homestead Extension of the Florida Turnpike.

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