Ocean Bank Funds $19.5 Million Loan for 130-apartment Development in Volusia County

MIAMI, Fla.– Oct. 5, 2022 – Ocean Bank announced it has provided a $19.5 million construction loan for Allure on Enterprise, a rental residential development encompassing 130 apartments in 27 two-story buildings in Debary, Florida.

“Central Florida is a key growth market for Ocean Bank, and we are pleased to fund a major project in Volusia County,” said Jesus Garcia, senior vice president of Ocean Bank.

Allure on Enterprise is being developed by The Grove Enterprise Partners LLC based in Boca Raton and headed by Tilmar Hansen.

“We welcome Grove Enterprise Partners and Tilman Hansen as new clients of Ocean Bank,” said Rogelio Villarreal, executive vice president and head of commercial banking.

“Allure on Enterprise will provide lush landscaping, walking paths, a clubhouse and upscale amenities at affordable prices for the expanding population in Volusia County,” Hansen said. “We are proud of this community and our relationship with Ocean Bank.”

The gated development is under construction on a 15-acre site at 2841 Enterprise Road in a primarily commercial area that includes offices, retail, financial services and medical facilities.

Apartments will range from one to three bedrooms situated in 27 two-story buildings along a winding private road. In addition to the clubhouse, Allure on Enterprise will feature a swimming pool, dog park and fitness trail.

Construction is expected to be completed in the spring of 2023.

For further information about Allure on Enterprise, see:https://allureonenterprise.com/

About Ocean Bank

Ocean Bank is the largest independent, state-chartered commercial bank headquartered in Florida, with $5.4 billion in assets. Chartered in 1082, Ocean Bank operates its network of 22 branches throughout Miami-Dade and Broward counties. The community bank has received numerous awards and accolades from the Greater Miami Chamber of Commerce, the Beacon Council and the Florida Department of Education, among others, for its support of our South Florida communities. For more information, log on towww.oceanbank.com.