Centennial Bank Provides $33M Loan for Sweetwater Senior Housing Community
Centennial Bank Southeast Florida has provided a $33 million loan to CREI Holdings LLC for a future senior affordable housing community in Sweetwater.
CREI Holdings LLC plans to develop an eight-story, 244-unit multifamily apartment community on the five-acre parcel of land at 400 NW 112th Ave and 11239 NW 4th Terrace in Sweetwater. The community will be comprised of one and two-bedroom units ranging from 609-874 square feet. The development broke ground in early August. Previously, Vann Academy, a school/daycare center occupied the site and closed their doors around the time the pandemic started.
J.C. de Ona and Yuleisy Montalvo of Centennial Bank Southeast Florida arranged the financing on behalf of the borrower. Terms of the financing were not disclosed.
David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector.
Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA.
David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.