Ocean Bank grants big loan to build Aloft Coral Gables

From South Florida Business Journal:

Ocean Bank funded a loan to build Aloft Coral Gables.

Ocean Bank provided a $26.95 million mortgage to fund construction of the Aloft Coral Gables hotel.

The Miami-based bank gave the loan to Coral Gables Miracle Mile Hotel, a company led by Pedro F. Villar, for an initial period of two years, with a potential extension for up to 10 years. The company recently started construction at the site on 2524 LeJeune Road, which it acquired for $4 million in 2012.

Source: http://www.bizjournals.com/southflorida/ne...