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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.