Florida Community Bank finances 117-home development

Florida Community Bank finances 117-home development

Florida Community Bank provided a construction loan to MG3 Development Group to build the Preserve at Emerald Hills in Hollywood.

MG3 West Hollywood, an affiliate of the Hollywood-based developer headed byHernan G. Leonoff, bought the 33-acre site at 3499 Stirling Road in 2010 for $11.5 million from Great Florida Bank, which had foreclosed on it. Great Florida Bank provided an $8.05 million mortgage for that deal.

Now that Florida Community Bank (NYSE: FCB) has acquired Great Florida Bank, it boosted MG3’s mortgage to $26.72 million so it can commence construction of the Preserve at Emerald Hills. The loan matures in four years.

The project is approved for 117 single-family homes and town homes. They are priced from the low $600,000s to more than $1 million.

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Story by: Brian Bandell – Jan 5, 2015, 11:04am EST
Photo Courtesy: Biz Journals

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