Little Havana multifamily project scores construction loan

43-unit building will be six stories tall with a two-story parking structure

Miami /
Feb.February 02, 2021 03:30 PM
2052 Southwest First Street and Alfonso Macedo of Ocean Bank (Photos via Google Maps; LinkedIn)

2052 Southwest First Street and Alfonso Macedo of Ocean Bank (Photos via Google Maps; LinkedIn)

A 43-unit multifamily project in Miami’s Little Havana neighborhood scored a $6.2 million construction loan from Ocean Bank.

The project is at 2052 Southwest First Street, according to records. A notice of commencement describes one six-story apartment building with a two-story parking structure on less than an acre of land.

The owner is a company managed by Coral Gables-based attorney Gilbert Contreras. The contractor is Miami-based GILCO Homes, managed by members of the Contreras family.

The owner bought the land in 2018 for $830,000, according to records.

Construction activity in Little Havana last year included Forth Development breaking ground on Bonsai I, an eight-unit building at 519 Southwest Fifth Avenue. Also, an affiliate of the Vienna, Austria-based Premium Group secured a $34 million loan to begin construction on the 194-unit apartment project at 736-760 Southwest First Street.

In March, BrickOne Group paid $6.1 million for apartment buildings in Little Havana and the Omni district.

Last month, Ocean Bank sold about 3 acres of land in Miami as a development site for $14 million. The Miami-based bank — known as the largest independent state-chartered commercial bank headquartered in Florida — is led by A. Alfonso Macedo.





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