ABANCA USA and BANESCO USA Agree on a $17.5 Million Syndicated Loan to Finance Countyline Apartments

MIAMI, July 19, 2021 /PRNewswire/ -- Countyline Apartments, a 112-unit residential development located at 1080 NE 215th Street in Miami, Florida, has secured funding through a $17.5 million syndicated loan from two lenders, Banesco USA and ABANCA USA - the lead arranger for the transaction.

The project will have a total cost of US$25.4 million, consisting of a pair of five-story apartment buildings spread between 3.5 acres of land on the border of Miami-Dade and Broward County. All units will have a patio or balcony, stainless steel appliances, granite countertops, ceramic tile flooring, and an in-unit washer and dryer. Amenities will also include a business center, playground, media room, swimming pool as surface parking with the ability to house over 176 vehicles.

Monica Vazquez, ABANCA USA General Manager, explains that Countyline Apartments is a response to the market appetite not only for top-quality apartments but also for residential units that provide enough open space, optimizing energy consumption.

"What makes this project so unique is that it has been able to address the market demands for sustainable construction with an aesthetically pleasing and functional design, but at the same time providing sufficient amenities to encourage a healthy work-life balance," Vazquez emphasizes.

The developer, CADE CAPITAL, is a boutique real estate development company focused on residential, retail, and mixed-use properties across South Florida, including Riverview Tower, a 100-unit residential building, and MB station a mixed-use property among others.

ABANCA USA

ABANCA USA is an International Branch based in Miami and regulated by the FRB and the OFR. It is part of ABANCA Corporacion Bancaria Group, a financial institution based in Spain, with presence in 11 countries in Europe and America, 6,000 employees and a turnover of 100 billion euros. ABANCA USA's flexible offering is tailored to fit client needs through a well-structured portfolio of products focused on global and sustainable services, to support clients through all domestic and cross-country operations. For more information, visit: www.abancausa.com.

About Banesco USA

Founded in 2006 and based in Coral Gables, Banesco USA is an independent Florida state-chartered bank (https://banescousa.com/OFR-Cert-of-Good-Standing.pdf) with $2.06 billion in assets as of June 30, 2021. The bank has five branches in South Florida: Coral Gables, Hialeah, Doral, Aventura and Brickell as well as one in San Juan, Puerto Rico. Visit www.BanescoUSA.com for additional information.

Contact: Sandra Arranz
[email protected] 
T. 305-929-0880

SOURCE ABANCA

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