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Ocean Bank has announced it has loaned $7.1 million for the purchase of two commercial centers along S. Dixie Highway in Miami-Dade County.
The loan is to co-borrowers MMG Best Plaza LLC, at 19700 S. Dixie Hwy., and MMG Village Square LLC, at 19401 S. Dixie Hwy., both affiliated with MMG Equity Partners, a South Florida real estate investment and development firm. MMG Equity Partners is headed by managing partners Gabriel Navarro, Marcel Navarro and Martin Pico and Acquisitions and Development principal Marcos Puente.
The two centers, approximately one block apart on either side of S. Dixie Highway, have a combined 48,605 square feet of retail space. Tenants include a Latin restaurant, nail salon, check cashing business, national paint retailer, laundromat, musical instrument store, marine supply shop and uniform store, among others.
“MMG Equity Partners is a well-established presence in South Florida real estate and a long-term customer of Ocean Bank,” said Eddie Diaz, executive vice president and head of Corporate Lending at Ocean Bank. “We are pleased to provide the financing for the company’s latest acquisitions.”
Senior vice presidents Evelio Herrera and Federico Tunnerman arranged the loan for Ocean Bank.
For more information about Ocean Bank, visit www.oceanbank.com. Member FDIC. For more information about the MMG Companies, visit www.mmgequitypartners.com.
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