MIAMI-A division of Popular Community Bank reports it is providing a $14-million credit facility for renovations at the Roney Place oceanfront luxury condo complex here.
“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,” says 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, Roney Palace consists of 564 residential units and 14 commercial condominium laundry units in one building located at 2301 Collins Ave. in Miami Beach.
Roney Palace was renovated in 2000 when apartments were upgraded. Units range in size from 600-sf studios to 1,480-sf, two-bedroom units.