OCEAN BANK LENDS $6.4 MILLION FOR CONSTRUCTION OF WALGREENS NEAR SARASOTA
Ocean Bank Lends $6.4 Million For Construction of Walgreens near Sarasota
Ocean Bank announced it has loaned $6.4 million for construction of a new Walgreens store in the Lakewood Ranch area.
The borrower is University Pkwy Realty LLC, headed by George A. Morgan, who also is developing another Ocean-Bank-financed Walgreens store in Orlando.
Construction of the 15,000-square-foot Lakewood Ranch store, to be located at the intersection of University Parkway and Lucent Place, is expected to be completed in the summer of 2025.
“The financing of these two construction projects by Ocean Bank is new for our development group, and we look forward to a mutually successful relationship,” Morgan said.
“We are proud to welcome George Morgan as a customer of Ocean Bank,” said Eddie Diaz, Executive Vice President and Head of Corporate Lending at Ocean Bank. “We launched an expansion into Central Florida this year with a new branch in Orlando and these loans augment our activities in the region.”
Jorge Hernandez, Senior Vice President and Corporate Lending Group Manager, arranged the loan for Ocean Bank.
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