Popular Community Bank Expands Commercial Business in Florida with $150 Million in Commercial Loan Originations in First Nine Months of 2013


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Popular de Puerto Rico's
Media Relations Team.

Condo associations in Miami Beach and Orlando retail center headline financial transactions


Thursday, November 14, 2013 9:51 am EST


"They understand my business and are extremely helpful."

MIAMI--(BUSINESS WIRE)--Popular Community Bank announced that its newly expanded Florida commercial lending team has closed $150 million in commercial loan originations for the first nine months of 2013 and expects continued growth through year-end.

New financing primarily covered community associations, multifamily and commercial real estate, in addition to commercial loans and lines of credit to small and medium-sized businesses.

Key Florida transactions include:

  • $9.5 million financing transaction with The Pavilion Condominium Association for restoration of a condominium on Millionaires Row, Miami Beach.
  • $5.2 million financing transaction with an investor group headed by Pistorino & Alam Consulting Engineers CEO Nasir Alam for the acquisition of the 30,214 square-foot Oakley Square Shopping Center in Orlando.
  • $8.9 million financial transactions with the Coral Gables-based Beraja family real estate investor group, for several multifamily properties in Coral Gables and Coconut Grove.
  • $5.3 million transaction increasing an existing facility to $10 million for restoration of Mirasol Ocean Towers Condominium, a beachfront property located in Miami Beach.

“We are optimistic that the recovery in Florida will continue. We want to play an important role in facilitating business growth in the state,” said Israel Velasco, Florida Region Executive, Popular Community Bank. “Our focus is on small to mid-size businesses and condo associations that value the personal service of a local, community bank, combined with the resources you expect from a national financial institution.”

Part of Popular, Inc., a top-40 commercial bank by assets in the U.S. that reported $229 million in net income and $4.6 billion in total capital for the third quarter of 2013, Popular Community Bank is driving its commercial-lending business in Florida through its Miami Lakes-based community-association unit, Popular Association Banking, and expanded Commercial Lending Group, which now has a dedicated team of 15 credit officers in South Florida, and 5 in Central Florida.

“The personal attention I get from Popular Community Bank is second to none,” said Nasir Alam, CEO of Miami-based Pistorino & Alam Consulting Engineers. “They understand my business and are extremely helpful.”

Popular Association Banking 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 September 30, 2013, the Popular Association Banking Association loan portfolio totaled approximately $526.4 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 states, including Texas and Northern California.

Popular Community Bank provides a full suite of cash-management services to help with national and international business transactions. Popular Community Bank recently launched a free iPad app which complements the Bank’s iPhone® and Android™ apps, Business Mobile Banking and recently enhanced Internet banking.

Popular Community Bank currently operates 20 branches in Florida where it runs a full-fledged commercial and retail banking business with 188 employees. Personal service and a deep involvement in the communities it serves distinguish Popular Community Bank as the neighborhood bank with the resources of a large financial institution.

About Popular Community Bank

Founded in 1893, Popular, Inc. is the leading banking institution by both assets and deposits in Puerto Rico and the 39th 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 91 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. Find Popular Community Bank on Facebook at www.facebook.com/PopularCommunityBank.


Popular Community Bank
Fran Del Valle, 212-717-5499

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