Codina Partners gets $20.6M Downtown Doral loan

Short-term mortgage covers portion of $1 billion mixed-use development

TRD MIAMI /
Apr.April 23, 2014 11:15 AM

Codina Partners obtained a short-term $20.6 million construction loan for a portion of its Downtown Doral project, The Real Deal has learned.

Ocean Bank gave Codina-managed Downtown Doral Townhomes the mortgage on Thursday, according to Miami-Dade County records. The loan, which matures in April 2016, is secured by 7.2 acres within the 120-acre Downtown Doral site. Codina can obtain future advances of up to $42 million over the next 20 years

Codina received a $6.6 million subordinate land loan for the site from Koala Miami Realty Holding Co. in October 2013. Last month, the company filed a commencement notice with the county indicating roadway improvements, landscaping and other site work would begin within three months.

The $1 billion Downtown Doral mixed-use project is Codina’s first venture with Armando Codina’s daughter Ana-Marie Codina Barlick at the helm of the company. She was named CEO in December 2013.

A phased project to be developed over the next five years, Downtown Doral spans from Northwest 87th Avenue to 79th Avenue and from Northwest 54th Street to the Trump National Doral Miami. Development plans include more than 2,800 residences and four office buildings totaling more than 1 million square feet.


Related Articles

arrow_forward_ios
5350 Park with Armando Codina and Ana-Marie Codina

Codina Partners affiliate allegedly owes $3.6M for Downtown Doral condo construction: lawsuit

Codina Partners affiliate allegedly owes $3.6M for Downtown Doral condo construction: lawsuit
4238-4276 Northwest 7th Street in Miami, Avison Young’s Michael Fay, John Crotty, David Duckworth, Brian de la Fé, Emily Brais and Berkley Bloodworth

Mixed-use Le Jeune Road dev site heads to market for $17M

Mixed-use Le Jeune Road dev site heads to market for $17M
Downtown Doral with Ana-Marie Codina Barlick

Reservations only: Salons, restaurants adapt to new normal in South Florida

Reservations only: Salons, restaurants adapt to new normal in South Florida
Vlad Doronin, Len Blavatnik, and 3425 Collins Avenue (Credit: Google Maps, Gesi Schilling, and Mark Neyman / GPO)

Developer of Aman-branded towers in Miami Beach scores $35M loan

Developer of Aman-branded towers in Miami Beach scores $35M loan
Rendering of 57 Ocean and Marcelo Kingston (Credit: DBOX)

57 Ocean in Miami Beach scores $59M construction loan

57 Ocean in Miami Beach scores $59M construction loan
JPMorgan Chase CEO Jamie Dimon (Credit: Win McNamee/Getty Images, Google Maps, iStock)

JPMorgan Chase buys own branch in West Palm

JPMorgan Chase buys own branch in West Palm
Jim Carr and Armando Codina with a rendering of the Miramar community

Codina-Carr, BBX score loan for single-family home development in Miramar

Codina-Carr, BBX score loan for single-family home development in Miramar
South Florida lenders and landlords battle new coronavirus reality

South Florida lenders and landlords battle new coronavirus reality

South Florida lenders and landlords battle new coronavirus reality
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...