Centennial Bank Provides $33M Construction Loan for Affordable Community in Sweetwater, Florida

SWEETWATER, Fla. — Centennial Bank Southeast Florida has provided a $33 million loan to CREI Holdings LLC for a development of an affordable seniors housing community in Sweetwater, a suburb of Miami.

CREI plans to develop an eight-story, 217,000-squarae-foot, 244-unit community on the five-acre parcel, citing area population growth during the pandemic. The site was formerly Vann Academy, a school and daycare center that closed its doors around the start of the pandemic.

The future community will comprise one- and two-bedroom units ranging from 609 to 874 square feet. The development will share amenities with the adjacent Lil Abner Apartments. CREI broke ground in early August.

J.C. de Ona and Yuleisy Montalvo of Centennial Bank arranged the financing.