Popular, Inc. : Popular Association Banking Provides $14 Million Financial Package to Roney Palace Condominium Association in Miami Beach, Florida
02/07/2013| 11:55am US/Eastern
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Popular
Association Banking, a division of Popular Community Bank, and Roney
Palace Condominium Association announced today a financial package with
a total credit facility of $14 million for the renovation of Roney
Palace, an oceanfront luxury condo complex in South Beach, Miami Beach,
Florida.
"We are pleased to assist the Roney Palace Condominium Association with
the financing to refurbish and renovate its property to comply with the
40-Year Recertification Program of the Miami-Dade County," said Molly
Hime, Senior Vice President and Head of Popular Association Banking.
"This building is in a highly desirable location in South Beach, and our
team worked closely with the condominium association to structure a
financing package that addressed their needs."
Built in 1971, the Roney Palace Condominium is an oceanfront luxury
condo complex situated at one of the most populous sections of South
Beach. The Roney Palace Condominium Association is responsible for the
operation, maintenance and management of the common property consisting
of 564 residential units and 14 commercial condominium laundry units in
one building located at 2301 Collins Avenue in Miami Beach.
"It was a pleasure to work with the Relationship Officer Rebecca Prieto
and her highly capable colleagues at Popular Community Bank," said
Carlos Hernandez of The Continental Group, who is the onsite Association
Manager. "They worked tirelessly and really came through for our condo
association. I highly recommend Popular Community Bank and its dedicated
team, without reservation."
The Roney Palace was renovated in 2000 and the apartments were
transformed into exceptional residences. Units range in size from 600
square-foot studios to 1,480 square-foot, two-bedroom units. The Roney
Palace Condominium Association was incorporated in 1997 as a non-profit
association under the laws of the State of Florida.
"We are grateful for the expert manner by which Popular Community Bank
guided us since day one to move our renovation plans forward," said Mato
Colak, President of the Roney Palace Condominium Association.
Popular Association Banking, a division of Popular Community Bank,
serves the community association market exclusively and currently has an
active lending platform in 19 states. Since its inception in 1994,
Popular Association Banking has assisted more than 5,000 associations
and countless residents with just under $2 billion in loans. As of
December 31, 2012, its association loan portfolio totaled $506 million.
For more information see http://www.associationbankers.com.
Popular Association Banking is headquartered in Miami Lakes, Florida,
with offices in numerous U.S. locations, and is currently expanding into
new territories.
About Popular, Inc.
Founded in 1893, Popular, Inc. is the leading banking institution by
both assets and deposits in Puerto Rico, and the 36th largest
in the U.S. by assets. In the United States, Popular has established a
community-banking franchise that does business as Popular Community
Bank, providing a broad range of financial services and products with 93
branches in New York, New Jersey, Illinois, Florida and California.
Services of Popular are available at branches, and online at mypopularbanking.com.
For customers seeking more information, call 1-800-377-0800 or email popularnet@bpop.com.
Fine Popular Community Bank on Facebook at facebook.com/PopularCommunityBank.
Popular Community Bank
Fran Del Valle, 212-717-5499 or 917-922-5653
fran@influencecentral.com
© Business Wire 2013
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