The Real Deal Miami

Codina lands $17M loan for Downtown Doral

Mortgaged properties include three yet-to-be announced residential towers

August 12, 2015 11:15AM
By Katherine Kallergis

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Map of Downtown Doral

Map of Downtown Doral

Codina Partners has added $17 million in financing to its 120-acre master-planned community in Doral, according to Miami-Dade County records. 

Codina closed on the mortgage on July 31, records show. It covers eight parcels in the developer’s Doral assemblage. Goldman Sachs was the lender.

The properties include a future residential tower on the northeast corner of Downtown Doral, a future residential tower on the southeast corner and a future residential tower just west of 5252 Paseo, according to the site map on the development’s website.

In April, Codina Partners obtained a $46 million loan for one of its residential towers, 5300 Paseo. Last year, developers landed more than $65 million in financing in July 2014 and $20.6 million in April 2014. Wells Fargo was the lender for the combined $131.6 million.

Codina Partners was not available to comment on the $17 million loan, a spokesperson told The Real Deal.

When completed, the $1 billion project will include 2,840 residential units, charter school, a 3-acre park, and Main Street, which will have more than 180,000 square feet of retail and more than 1 million square feet of office space.

The Related Group and Shoma Homes are developing their own mixed-use community nearby: CityPlace Doral, which will include 600,000-square-feet of retail and more than 1,000 residences. In July, the Related Group closed on a $136.88 million construction loan from Regions Bank for CityPlace.