News this week that Adler Group, one of those real estate firms that truly built Miami, and Atlanta-based ECI Group obtained financing for the land acquisition of a Miami bayfront site slated for a major multifamily project is a positive sign for the South Florida real estate market.
It’s not only an indicator of the growing demand for home rentals in South Florida and of the next wave of development in the horizon, but the financing of a land acquisition really signals how banks and financial institutions are financing projects they weren’t a few years ago.
Apollo Bank, one of Miami’s strongest community banks, provided the financing for the land acquisition.
With the state’s unemployment rate dropping and the real estate market hot again, the fact banks are beginning to lend more, especially for income-producing properties like multi-family, is a testament to the overall economic recovery taking shape across Florida.
As lenders come off the sidelines, income-generating projects in the multifamily, retail and hospitality sectors are likely to be among the first targets for financers.
Read more in GlobeSt. about the land acquisition and plans for the two 20-story residential towers.
By Yudi Fernandez, Senior Account Executive at Schwartz Media Strategies