Banesco lends $27M for Miami-Dade County apartment project

May 13, 2014, Author: Mattoni Group

The Gables Gate Tower apartment project in West Miami scored a $27 million construction loan from Banesco USA.

The Coral Gables-based bank provided the mortgage to Gables Gate Tower, managed by Roberto J. Suris Jr. The developer is a joint venture between The Estate Co. and Mattoni Group.

They are building 206 apartments in a seven-story and four-story tower on on 67th Avenue between Southwest 21st and 22nd Streets.

The 2.1-acre site was acquired for $2.65 million in April 2013. The apartment project is expected to be completed in spring 2015.

Gables Gate Tower II recently paid $4.8 million for a redevelopment site just north of its project at 2000 S.W. 66th Ave.