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Ocean Bank provided a $12.7 million loan to 8th Street Properties LLC, for an 88-unit development of affordable and workforce housing in Little Havana.
The Essence Miami project, being developed at 845 SW Eighth St. under Florida’s Live Local Act, also received financial support from the City of Miami and Miami-Dade County.
“This is a win-win for us as the developer and for the city and county,” said principal Nuri Dorra. “It provides affordable housing for the whole community and allows workers to live nearer their jobs.”
Of the development’s 88 units, 18 are designated as affordable housing and 70 as workforce housing, set aside for renters whose income is 80-100 percent of the Miami’s median household income of $87,200.
“This was a complicated transaction. Ocean Bank was willing to adjust to make this happen. The bank does an amazing job,” Dorra said.
“Nori Dorra is a long-term customer of Ocean Bank, and we are pleased to provide this financing,” said Rogelio Villarreal, executive vice president and head of Commercial Banking. “It’s also another example of the bank’s commitment to support workforce housing under the Live Local Act.”
Jesus Garcia, senior vice president, arranged the loan for Ocean Bank.
For more information, visit www.oceanbank.com.
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