Failed bank made $20M loan to Wynwood developer in final week

A week before Doral Bank was closed by federal regulators, it made a $20 million loan to a company managed by Israeli investor Moishe Mana for 17 different properties around Miami’s Wynwood neighborhood, according to Miami-Dade records.

The 17 assorted properties owned by Melanie Holdings LLC add up to approximately 4.9 acres of real estate. The largest is at 550 N.W. 24th St., and covers 2.7 acres across the street from the Wynwood Brewery.

Doral Bank was closed by the Federal Deposit Insurance Corp. (FDIC) on Feb. 27. The bank had operations in Puerto Rico, Florida, and New York. The FDIC entered into an agreement with Banco Popular de Puerto Rico to sell some of the bank’s assets, and is currently in two other agreements to sell the majority of the remaining assets.

Puerto Rico-based Doral Financial Corp. (NYSE: DRL), owned Doral Bank. But who now owns the $20 million loan is unclear since assets were split between the regulator and Banco Popular, which sold some branches to FirstBank Puerto Rico and Centennial Bank.

Mana signed the mortgage agreement on Feb. 19 as the manager of Melanie Holdings. Mana has recently been adding downtown Miami and Wynwood area property to his collection. In late February, Jersey Art Holdings, one of Mana’s companies, bought a 26,083-square-foot building at 172 W. Flagler St. and 21 S.W. 2nd Ave. for $5.1 million.

Mana Wynwood is Mana’s Arts District venture. The group focuses on art, entertainment, and culture and aims to aid in the transformation of Wynwood into an international cultural hub, according to Mana Wynwood’s website.

This mortgage follows a 2011 loan made to Melanie Holdings by Coral Gables-based Banesco USA for $6.37 million, according to Miami-Dade records. The Doral Bank loan was a refinancing and increase of that loan.

The question is why a bank only a week from failing would be interested in making such a large loan.

“In general, some borrowers will stay clear of problem banks because of the associated risks – they don’t want the loan to be jeopardized or someone else to take control and change the terms,” Miami-based bank analyst and economist Kenneth H. Thomas said.

“If a bank is in a situation like Doral Bank, they’d be on a very short lease with regulators,” Thomas said. “Knowing that, any recent loan would be under tremendous scrutiny.”


Lincoff, Nina. (3 de marzo de 2015). Failed bank made $20M loan to Wynwood developer in final week – South Florida Business Journal. Recuperado el 3 de marzo de 2015 de


Por Miguel Santos
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Miguel Santos

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