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.