A Miami Beach development gets a $22.3 million loan; MasTec expects rebound
Building costs may be out of control, but that did not stop Miami-based Banesco USA from announcing a construction loan of $22.3 million for a mixed-use development on Miami Beach. The hyper-modern designed building at 1685 Washington Ave. is just off of Lincoln Road, the popular shopping, dining, and nightlife destination, and includes a luxury hotel, restaurant, and retail. Banesco USA, with some $2 billion in assets, spun itself off from its Venezuelan parent in 2006. The loan is part of a strategy by Mario Oliva, who became CEO and president in 2020, to become more robust in real estate lending.
A Slight Slip for MasTec, with Rebound Expected
MasTec Inc., one of the largest multinational corporations based in Miami, reported a first quarter loss of $35 million on posted revenue of $1.95 billion. On the positive side, Wall Street analysts had predicted a loss of more than four times that amount. What’s more, for the second quarter ending this month, MasTec predicts a sizable profit, from the first quarter loss of 3 cents per share to earnings of 72 cents per share, with revenues of $2.2 billion expected for quarter two. MasTec employs 350 people in the Gables.
