Ocean Bank announced it has provided a loan of $17.15 million for the renovation and repositioning of a multi-tenant shopping center in Margate that will house two charter schools and other tenants in the renamed Margate Centre.

“The complex is ideally situated at the intersection of Coconut Creek Parkway and Banks Road, and has signed leases with West Broward Academy and Ascend Career Academy charter schools,” said Ralph Gonzalez-Jacobo, executive vice president of Ocean Bank.

“Charter schools have become an increasingly important segment of our public education system, and are innovative in the use of non-traditional locations, such as the Margate Centre.”

The two schools will take up approximately 60 percent of the 188,028-square-foot multi-tenant parcel, with the balance housing other tenants, Gonzalez-Jacobo said.  Construction is expected to be completed by August for the start of the 2016-2017 school year.

The borrower is Alliance XVI, LLC, whose members are Maurice Cayon and Robert L. Cambo.

Senior Vice President Juan Carlos Barreto negotiated the loan for Ocean Bank.

About Ocean Bank

Ocean Bank is the largest independent, state-chartered commercial bank headquartered in Florida, with $3.28 billion in assets. Chartered in 1982, Ocean Bank operates its branch network 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 to www.oceanbank.com.