MIAMI—It seems there's plenty of money going around for strongdevelopers. Miami-based Alta Developers andStrategic Properties Group just closed on an $19million loan to build Le Parc at Brickell.

Banco de Crédito e Inversiones Miami Branch (BCI Miami) loanedthe developers the money to fund building the 12-story luxurycondominium rising from the dirt at 1600 Southwest 1st Avenue inDowntown Miami's Brickell Financial District. The developersstarted construction on the 128-unit project in April 2014.Theproject is now well underway. Completion is set for late 2015.

“This deal shows how banks are willing to lend towell-capitalized developers building projects in great locations,”says Patricio Ureta, CEO of Alta. “This loanspeaks very highly of our development given the fact that lenderscontinue to be cautious in their lending practices.”