Centennial Bank Provides $60.7 Million Construction Loan To First Multifamily Development Within Historic 200-Acre Hialeah Park

Flamingo Village. Credit: Brunetti Organization, Prestige Companies.

Centennial Bank has announced a substantial construction financing loan of $60.7 million for Flamingo Village. This multifamily development marks a significant milestone as the first of its kind within the historic 200-acre Hialeah Park Race Track in Hialeah. Flamingo Village is a joint endeavor between the Brunetti Organization, the owner of Hialeah Park, a renowned real estate investment enterprise, and the Prestige Companies, a prominent real estate firm known for their ventures in South Florida and their instrumental role in revitalizing Miami’s Hialeah submarket.

Positioned at 2200 East 4th Avenue, Flamingo Village will encompass 341 units spread over 13 acres at the entrance of the iconic Hialeah Park, a cherished location listed on the U.S. National Register of Historic Places. The development pays homage to Hialeah’s illustrious past and the park’s designation as a National Audubon Sanctuary. It takes inspiration from the park’s most famous residents, over 100 wild flamingos, after which Flamingo Village is aptly named. The project aims to transform an underutilized parking lot into an exceptional apartment community that embraces the city’s promising future. It will be the largest development within Hialeah Park since the opening of a new casino in 2013.

Flamingo Village. Credit: Brunetti Organization, Prestige Companies.

“We are delighted to collaborate once again with Prestige Companies on this exciting venture, which will make a significant contribution to the growth and prosperity of our community while addressing the critical need for high-quality housing,” stated J.C. de Ona, Centennial Bank’s Southeast Florida Division President. He, alongside SVP and Senior Commercial Loan Officer Joe Garcia, orchestrated the transaction with Prestige Companies. This collaboration underscores the longstanding banking relationship between Centennial Bank and Prestige Companies, which spans over a decade and has resulted in more than $250 million in financing for commercial and residential spaces, enriching the lives of Hialeah’s existing and new residents.

Flamingo Village will showcase an artistic fusion of two-story townhomes and three-story low-rise garden-style apartment buildings characterized by spacious floor plans, open living spaces, and unparalleled architectural style. The property will be encircled by a perimeter garden wall adorned with equestrian-themed decor that pays tribute to Hialeah Park’s heritage. Two state-of-the-art clubhouses, swimming pools, and a fitness center will be strategically positioned along expansive walkways ranging from 5 to 16 feet wide. Emphasizing connectivity as a fundamental element, Flamingo Village’s prime location offers convenient access to transportation options and proximity to essential amenities, including grocery stores, medical centers, retail outlets, and restaurants, exceeding the desires of its future residents.

Flamingo Village – Gym. Credit: Brunetti Organization, Prestige Companies.

“We are grateful for our ongoing partnership with Centennial Bank and their unwavering belief in our vision,” added Alexander Ruiz, Chief Operating Officer of Prestige Companies. “This development signifies a significant milestone for our company and the City of Hialeah. We are also thankful for the opportunity to collaborate with the Brunetti Organization on such a remarkable property. Our commitment is to create a landmark residential community that seamlessly integrates with the area’s unique charm and historical appeal.”

Flamingo Village – Pool. Credit: Brunetti Organization, Prestige Companies.

With a decade of active involvement in this market, Centennial Bank remains optimistic about supporting projects that further the development and enrichment of the Hialeah community through its lending initiatives.

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