Codina Partners gets $20.6M Downtown Doral loan

Townhomes at Downtown Doral
Townhomes at Downtown Doral

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

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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.