News

Know about market updates

Convicted felon borrows $56M for Lincoln-Marti schools

Convicted felon borrows $56M for Lincoln-Marti schools
Financing covers 72 properties in Little Havana, Miami, Homestead, Florida City and more
November 09, 2015 10:30AMBy Katherine Kallergis

Lincoln-Marti school at 2700 Southwest Eighth Street in Little Havana (inset: Demetrio Perez Jr.)

The founder of the popular Lincoln-Marti schools has closed on a $56.2 million mortgage for more than 70 properties in Miami-Dade County, records show.
Demetrio Perez Jr., who pleaded guilty to felony charges of defrauding elderly tenants in low-income Little Havana apartments in 2002, signed the loan as the sole managing member of 19 companies, including DP Real Estate Holdings LLC. BankUnited is the lender, according to Miami-Dade County records.
The financing covers 75 properties, including Lincoln-Marti charter schools and day care facilities in Little Havana, Miami, Hialeah, Florida City, Homestead and more.
Perez, also a former city of Miami commissioner and Miami-Dade County School Board member, was sentenced to six months of house arrest and 18 months of probation in 2002. Later, in 2012, county commissioners provided Perez with $110 million in municipal bonds for his private charter schools, the Miami New Times reported. That financing allowed Perez’s nonprofit Lincoln-Marti Schools to acquire his private companies, improve schools he owned and buy more charter schools in Hialeah and Florida City, according to the newspaper.


Source: The Real Deal

Leave a Reply

Your email address will not be published. Required fields are marked *