BankUnited Provides $47 Million Tax-Exempt Loan to Miami-Dade County For Patricia and Phillip Frost Museum of Science Capital Grant Funding
MIAMI LAKES, Fla. (April 20, 2016) – BankUnited announced it closed a $47.2 million loan to Miami-Dade County for a capital grant to the Patricia and Phillip Frost Museum of Science designed to allow the Museum to see to completion the construction of its new 250,000-square-foot facility envisioned as a world-class science museum and visitor destination.
“BankUnited’s $47.2 million loan for this important project underscores our commitment to serving Miami-Dade County and communities throughout Florida as a major lender to public sector, not-for-profit and corporate clients,” said BankUnited State President of Florida Thomas M. Cornish.
After considering various financing proposals from competing financial institutions, the County awarded the business to BankUnited. “Our responsiveness and our team’s capabilities spearheaded by Percy R. Aguila, Jr., a leading public finance banker, combined with a firm understanding of this complex transaction, allowed us to fulfill our commitment to the County and the project team to close and fund the transaction within 90 days of being awarded the business,” said Cristina di Mauro, executive vice president, corporate banking.
The site of the new Patricia and Phillip Frost Museum of Science is located in Museum Park, adjacent to the Perez Art Museum and overlooking Biscayne Bay. Planned features include a four-story, 774,000-gallon aquarium facility; five-story exploration center to house traveling exhibits, event and meeting rooms, classrooms, laboratory space and a learning center; 250-seat domed planetarium and an innovation center dedicated to new technology and emerging sciences that will also house administrative offices, a café and terrace overlooking Biscayne Bay.
This highly negotiated and structured transaction highlights BankUnited’s ability to serve the funding needs of municipalities and governmental entities through innovative financing solutions.
For more information about BankUnited please call (877) 779-2265, or visit www.BankUnited.com.