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A Big Stake: A $22.45 Loan From Centennial Bank

A new multifamily development in Hialeah recently received the green light with the approval of a $22.45 million construction loan from Centennial Bank to The Estate Companies, a Miami-based developer.

The loan will cover the costs to convert two buildings into a multifamily development featuring 251 units consisting of studio and one-bedroom residences in Hialeah called Alture Westland.

“Long-standing relationships proved to be the foundation for another successful deal. I have worked with Tony Castro and J.C. de Ona for well over a decade now,” says Hugo V. Alvarez said, a Becker shareholder who represented Centennial Bank during the process. “Centennial Bank’s lending capacity and insightfulness allowed me to once again bring The Estate Companies to Centennial Bank for another successful development that will end up nicely serving our community in the future.”

In addition to Alvarez, the Becker shareholders included Michael Boutzoukas, Cherrie Goudreau and Scott Marcus. They previously worked together to secure a $51.35 million deal for another multi-family project, Soleste Alameda.

“We have a successful track record, spanning more than a decade, of working with Hugo Alvarez. We look forward to continuing the relationship with Becker this upcoming year,” says J.C. de Ona, Southeast Florida Division President of Centennial Bank. “My colleague Jay Brito proved to be instrumental in connecting all parties for this deal, which is aligned with Centennial Bank’s construction lending focus in South Florida.”

Construction for Alture Westland is slated to finish by the end of 2021.

“The significant impact of the pandemic on the hospitality industry is allowing creative borrowers to re-purpose existing facilities to better serve the needs of the local market,” Boutzoukas explains, “and we look forward to assisting Centennial navigate similar transactions as we emerge from the throes caused by the pandemic.”

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Drew Limsky

Drew Limsky

Editor-in-Chief

BIOGRAPHY

Drew Limsky joined Lifestyle Media Group in August 2020 as Editor-in-Chief of South Florida Business & Wealth. His first issue of SFBW, October 2020, heralded a reimagined structure, with new content categories and a slew of fresh visual themes. “As sort of a cross between Forbes and Robb Report, with a dash of GQ and Vogue,” Limsky says, “SFBW reflects South Florida’s increasingly sophisticated and dynamic business and cultural landscape.”

Limsky, an avid traveler, swimmer and film buff who holds a law degree and Ph.D. from New York University, likes to say, “I’m a doctor, but I can’t operate—except on your brand.” He wrote his dissertation on the nonfiction work of Joan Didion. Prior to that, Limsky received his B.A. in English, summa cum laude, from Emory University and earned his M.A. in literature at American University in connection with a Masters Scholar Award fellowship.

Limsky came to SFBW at the apex of a storied career in journalism and publishing that includes six previous lead editorial roles, including for some of the world’s best-known brands. He served as global editor-in-chief of Lexus magazine, founding editor-in-chief of custom lifestyle magazines for Cadillac and Holland America Line, and was the founding editor-in-chief of Modern Luxury Interiors South Florida. He also was the executive editor for B2B magazines for Acura and Honda Financial Services, and he served as travel editor for Conde Nast. Magazines under Limsky’s editorship have garnered more than 75 industry awards.

He has also written for many of the country’s top newspapers and magazines, including The New York Times, Washington Post, Los Angeles Times, Miami Herald, Boston Globe, USA Today, Worth, Robb Report, Afar, Time Out New York, National Geographic Traveler, Men’s Journal, Ritz-Carlton, Elite Traveler, Florida Design, Metropolis and Architectural Digest Mexico. His other clients have included Four Seasons, Acqualina Resort & Residences, Yahoo!, American Airlines, Wynn, Douglas Elliman and Corcoran. As an adjunct assistant professor, Limsky has taught journalism, film and creative writing at the City University of New York, Pace University, American University and other colleges.