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Proposed multifamily project Vista Verde at Sunrise secures a $45.8M syndicated construction loan led by two local lenders, ABANCA USA and Banesco USA

MIAMI. September 15, 2020 – Vista Verde at Sunrise, a 288-unit garden style luxury residential rental development located on a 15.15-acre site at 8894 NW 44th Street in Sunrise, Florida, developed by Rilea Group has secured a $45.8 million construction/mini-perm credit facility from two local lenders, ABANCA USA and Banesco USA.

ABANCA USA, the international branch of ABANCA CORPORACION BANCARIA with offices at 1395 Brickell Ave, Suite 1500, Miami (https://www.abancausa.com/en/),  acted as lead arranger for a syndicated facility with the participation of Banesco USA. 

“ABANCA is thrilled to provide financing together with Banesco USA for the Vista Verde at Sunrise project, a testament to our commitment to continue supporting local developments across South Florida,” said Mónica Vázquez, General Manager of ABANCA USA. “We’re also very proud to work with Rilea Group, a renowned developer with an impeccable track record, and we are pleased to be able to do so even during these challenging times that we are all facing with the pandemic. We are committed to fostering South Florida’s economic growth and investment.”

The developer, Rilea Group (https://www.rileagroup.com/), is a multi-faceted real estate development and management company with over 8.5 million square feet of South Florida real estate under its belt, including One Broadway in Brickell, 1450 Brickell and The Monte Carlo in Miami Beach, among other marquee properties in South Florida.  

“With the support of both ABANCA USA and Banesco USA, we are convinced of the success of Vista Verde at Sunrise, our sixth garden-style development. It combines the best that Florida has to offer to families in a unique lifestyle environment” says Alan Ojeda, CEO at Rilea Group.

The project will sit at the former Village Shoppes at Pine Plaza in Sunrise, Broward County. Amenities at Vista Verde at Sunrise will include a fitness center, a racquetball court, a swimming pool and sundeck, covered parking and a boardwalk connecting the apartment complex to Old Hammock Park. 

Vista Verde at Sunrise will break ground on September 2020 and completion is expected by May 2022. 

About ABANCA USA

ABANCA USA is an International Branch based in Miami and regulated by the FRB and the OFR. It is part of ABANCA Corporation Bancaria Group, a financial institution based in Spain, with presence in 11 countries in Europe and America, 6,000 employees and a turnover of 85 billion euros. ABANCA USA’s flexible offering is tailored to fit client needs through a well-structured portfolio of products focused on global and sustainable services to support clients through all domestic and cross-border operations. Its differential value proposal combines personal attention with remote operations delivered through digital channels as part of its commitment to international clients. For more information, visit: www.abancausa.com.

About Rilea Group

At the Rilea Group, we see opportunity in unlikely places by pushing the limits of geography. As a multi-faceted real estate development and management company, our meticulous approach to design, development, and property management is unwavering. Since 1981, we have transformed or are transforming over 8,500,000 square feet of South Florida real estate into some of the most recognizable and award-winning properties. We partner with investors and landowners interested in creating financially successful, iconic bold sustainable structures. Our ethos is driven by our values and yearning to define transformational lifestyle experiences, long-term partner satisfaction, and financial return. https://www.rileagroup.com/

About Banesco USA

Founded in 2006 and based in Coral Gables, Banesco USA is an independent Florida state-chartered bank (https://banescousa.com/OFR-Cert-of-Good-Standing.pdf) with $2.02 billion in assets as of June 30, 2020. The bank has five branches in South Florida: Coral Gables, Doral, Hialeah, Aventura and Brickell; and one in San Juan, Puerto Rico. Visit www.BanescoUSA.com for additional information.

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