The Real Deal Miami

CC Residential buys land, gets large loan

PNC Bank provides $50.2 million mortgage for Kendall development

November 14, 2014 11:15AM

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Conceptual rendering of Kendall West

Conceptual rendering of Kendall West

A company tied to CC Residential picked up a development site in Miami’s Kendall neighborhood and received a $50.2 million mortgage.

The Codina-Carr company took ownership of about 34 acres northwest of Southwest 90th Street and 169th Avenue in a $13.1 million transaction, according to Miami-Dade County records. Kendall Investors 172 LLC of South Miami sold the land to CC Kendall Residential. The county recorded the deal last week.

PNC Bank gave CC Kendall the loan, which likely covers future construction. CC Residential is planning a 396-unit apartment project in the area called Kendall West.

Developers Armando Codina and James Carr formed CC Residential for their various multi-family projects. — Eric Kalis

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