Dealmaker: Regions Bank Lends $73M in Construction Financing

Regions Bank, Birmingham, Ala., financed $73 million in construction projects in Georgia and Florida.

The bank’s Atlanta real estate banking office lent $39 million to a joint venture between Pollack Shores Real Estate Group, Atlanta, and a client advised by Principal Real Estate Investors, Des Moines, Iowa. The venture is building Cumberland Shores in Atlanta, a 281-unit Class A multifamily property.

When completed in summer 2021, Cumberland Shores will include 182 one-bedroom units, 85 two-bedroom units, nine three-bedroom units and five studio units. The rental apartments will have nine-foot ceilings, granite countertops and in-unit washer-dryers. Pollack Shores’ management subsidiary Matrix Residential will manage the community.

Regions’ Miami real estate banking office provided a $54 million loan for Miramar Phase II in the FCI Residential Corp. development Catalina at Miramar. The 300-unit Class A townhouse community in Miramar, Fla., will be built on a 32.9-acre site. Delivery is expected in early 2022.

The project will have 180 two-bedroom units and 120 three-bedroom units in 36 two-story buildings. The first style of building will be a traditional two-story townhome with one- and two-car garage options. The second type will be a two-story building without a garage with front-patio, back-to-back units. Community amenities will include a two-story clubhouse, fitness center, business center and pool with outdoor kitchen.