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The leading community bank issued the loan to finance a 25-unit, seven-story multifamily property in Coral Gables, Florida.
Miami, FL (August 13, 2023) — Banesco USA, a leading community bank with over $3.57 billion in assets, announces the completion of an $18 million construction loan to Biltmore Development LLC, a Florida-based real estate holding company, to finance the construction of a luxury multifamily development at 701 Valencia Ave. in the thriving City of Coral Gables, Florida. The construction of the project has commenced with an estimated completion in December 2024.
“Banesco USA remains bullish on the region’s commercial sector, as evident in the construction financing we are providing for the development of a new multi-family building in the heart of Coral Gables,” said Nelson Hidalgo, Executive Vice-President, Head of Corporate Banking of Banesco USA. “As the population continues to grow, it is essential that we identify and support projects that will contribute to the region’s housing supply, especially as South Florida’s multifamily market sees steady demand.”
Biltmore Development LLC, managed by Luis Arevalo and David Torres of Coral Gables-based T.A. Builders, acquired the 16,903-square-foot property at 701-711 Valencia Ave. for a combined $2.82 million in 2015 and 2016.
“The City of Coral Gables continues to experience a redevelopment wave across all asset classes, from residential to retail, setting a new standard for luxury developments,” said Luis Arévalo of Biltmore Development LLC. “Focused on customized lending solutions , Banesco worked closely with our team, taking the time to understand Biltmore Development’s long-term vision and investment goals, and ultimately allowing us to expand our project portfolio and redevelop 701 Valencia Ave.”
As a leading community bank in South Florida, Banesco serves the commercial real estate sector, small- and mid-size businesses, as well as entrepreneurs in the region, offering a suite of financial products. With a strong balance sheet and diverse client base, the bank services both domestic and international clients, fostering personalized relationships with its banking clients through its people, products and services.
For more information on the bank’s products and services, please visit BanescoUSA.com.
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About Banesco USA
Founded in 2006 and based in Miami, Banesco USA is an independent Florida state-chartered bank with $3.57 billion in assets as of June 30, 2023 and six locations between South Florida and Puerto Rico. Banesco USA is proud to serve the commercial real estate sector, small and middle-market businesses, as well as professionals who work in the community. The bank services both domestic and international clients as well as operating companies with a suite of products and services delivered with personalized attention to support their financial journeys. For more information, please visit banescousa.com.
Media Contact:
Schwartz Media Strategies
Victoria Cela, (786) 514-9250, victoria@schwartz-media.com
Ivanna Agudo, (305) 450-1445, ivanna@schwartz-media.com