The Payroll Protection Program has put a lot of money in the hands of South Florida real estate companies — more than anywhere else in the state.
Businesses in Miami-Dade, Palm Beach and Broward counties took home the most money, according to data updated Sunday by the Small Business Administration. Of these, the lion’s share of wealth went to Miami-Dade.
South Florida businesses, including brokerages and some developers, raised $229 million in PPP real estate funds through 11,110 loans. In Miami Dade, real estate companies borrowed $104 million, while those in Palm Beach and Broward counties each received a more modest $67 million and $58 million, respectively, according to an analysis by The real deal.
To date, $192 million, or 84%, of these funds have been canceled or refunded. In Miami-Dade, about $87 million in PPP loans were canceled or repaid, followed by $55 million in Palm Beach and $50 million in Broward. (The SBA data did not separate what was forgiven from what was refunded.)
Totals were calculated based on the county where borrowers planned to spend the money. Across the three counties, each loan created an average of two jobs.
In Miami-Dade, PRH Investments, a subsidiary of the Miami-based Related Group, received the highest loan amount of $4.5 million. In Palm Beach, Priderock Capital Management secured $4.4 million and in Broward, commercial real estate company Accesso Resources received a $3.6 million loan. It is unclear whether PRH has settled its loan – Priderock Capital Management and Broward Accesso have both done so.
In Miami-Dade, real estate companies took out about 5,100 PPP loans, totaling nearly $104 million. The average loan size was about $20,000. In total, the borrowers would have created nearly 10,700 jobs. In addition to Related, other companies that secured PPP funds included the Coral Gables-based Allen Morris Company, which received a $946,500 loan which it repaid.
Palm Beach County
For Palm Beach, real estate brokers and firms took out nearly 2,600 loans totaling $58.2 million. The average loan was around $22,500 and recipients would have created a total of 5,565 jobs. Companies that have obtained loans include brokerage firm Jupiter Waterfront Properties, which received about $328,000 which it repaid.
In Broward, real estate companies won $67 million on 3,415 loans, an average of about $19,600 per loan. Across the county, 7,140 jobs are said to have been created through the loans. Among the borrowers is Fort Lauderdale-based Berger Commercial Realty, which received $759,000 which it repaid.