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South Florida

Multifamily arm of Florida Crystals nabs construction loan for Hialeah project

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

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.

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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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Hialeah