Repost – Read The Original Article on BizJournals.com
A developer broke ground on a rental townhouse community in Palmetto Bay after securing a $23.9 million construction loan.
Miami-based City National Bank of Florida providing the mortgage to Palmetto Bay TH LLC and Palmetto Bay Coastland LLC, with the guarantors listed as Anthony Seijas, Alejandro E. Rodriguez, Joel Vigo Jr., and Herbert Jordan. It covers the 3.5-acre site at 18185 S.W. 98th Ave.
The developer recently filed notice with Miami-Dade County that it started work on 83 rental townhouses at the project. The general contractor is Pinecrest-based Coastland Construction Management, which lists Rodriguez as its president.
Townhouse rental rates have been rising in the county as larger families find few large apartments available for rent. With interest rates high, it’s difficult for many families to purchase a townhouse, so renting has become a better option.