Miami-based apartment developer Estate Investments recently obtained a $51.35 million construction loan to proceed with Soleste Alameda, a two-building, 306-unit residential development. Of the $51.35 million, $46.7 million will be financed by Arkansas-based Centennial Bank. Becker shareholders Hugo Alvarez, Michael Boutzoukas, and David Blattner represented Centennial in the deal.
Hugo, who acted as the bridge for the Centennial loan, drew on his long-term relationships with Tony Castro, COO of Estates Investments, and Centennial President J.C. de Ona in Miami. Hugo previously represented Castro during the Great Recession and has worked on deals for de Ona.
“Since Stonegate had been acquired by Arkansas-based Centennial Bank, I knew they had increased their lending capacity. That allowed me to introduce Estate Investments Group to Centennial Bank and that introduction was the necessary springboard that provided us all with the opportunity to work together,” Alvarez said.
The development is scheduled for completion in fall of 2020.