FirstBank Provides $22.3 Million Construction Loan for Retail Center in Miami Beach

Michaels will anchor the retail center at 1824 Alton Road in Miami Beach, Florida. Michaels will anchor the retail center at 1824 Alton Road in Miami Beach, Florida.

Miami Beach, Fla. — FirstBank has provided a $22.3 million construction loan for a Michaels-anchored retail center located at 1824 Alton Road in Miami Beach.

The borrower, Saber 1800 Alton LLC, will use the loan to develop the 32,491-square-foot property, which was formerly the site of a gas station. The borrower purchased the site in 2015 and signed Michaels to anchor the center with a 22,492-square-foot store. Mahesh Pattabhiraman and Elsie Alvarez of FirstBank closed the financing.

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