An apartment building project with 43 residential units in Miami’s Little Havana neighborhood received a home loan of 6.2 million US dollars from Ocean Bank.
The project is located at 2052 Southwest First Street, according to records. A start of construction describes a six-story apartment building with a two-story parking garage on less than an acre of land.
The owner is a company run by Coral Gables-based attorney Gilbert Contreras. The contractor is GILCO Homes based in Miami, which is run by members of the Contreras family.
The owner bought the land for $ 830,000 in 2018, according to records.
Construction activity in Little Havana last year included Forth Development’s groundbreaking on Bonsai I, an eight-unit building at 519 Southwest Fifth Avenue. In addition, a subsidiary of Vienna, Austria-based Premium Group secured a $ 34 million loan to begin construction on the 194-unit residential project at 736-760 Southwest First Street.
In March, BrickOne Group paid $ 6.1 million for apartment buildings in Little Havana and the Omni neighborhood.
Last month, Ocean Bank sold approximately 3 acres of land in Miami as a development location for $ 14 million. The Miami-based bank – known as the largest independent state-approved commercial bank headquartered in Florida – is headed by A. Alfonso Macedo.