Codina Partners gets $20.6M Downtown Doral loan

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
Vanderbilt Office Properties CEO Casey Wold, Quest Workspaces CEO Laura Kozelouzek, and C-III Capital Partners Chairman and CEO Andrew Farkas with Northbridge Centre at 515 North Flagler Drive in West Palm Beach (C-III Capital Partners, Vanderbilt OP, Questworks Spaces)
Lease roundup: Co-working company doubles down on downtown West Palm Beach
Lease roundup: Co-working company doubles down on downtown West Palm Beach
Renderings of the Mainstreet at Boynton Beach mixed-use project with Pebb Enterprises’ President and CEO Ian Weiner (Pebb Enterprises)
Pebb, Banyan sell outparcel at Sprouts-anchored Boynton Beach project
Pebb, Banyan sell outparcel at Sprouts-anchored Boynton Beach project
220 Alhambra Circle in Coral Gables, FL. and Fortress Investment Group’s Wesley Edens and Pete Briger Jr. (Google Maps, Getty, Long Arc)
Fortress buys Amerant’s Coral Gables HQ building for $135M in sale-leaseback deal
Fortress buys Amerant’s Coral Gables HQ building for $135M in sale-leaseback deal
Jose Mas with 100 Arvida Parkway and Armando Codina with 70 Casuarina Concourse (MasTec, Game Properties, Codina Partners)
In Coral Gables, Armando Codina sells teardown and Jose Mas buys dev site
In Coral Gables, Armando Codina sells teardown and Jose Mas buys dev site
Jim Carr of CC Homes with an aerial of the Sunrise development (CC Homes, Google Maps)
CC Homes plans to build 900 homes on shuttered golf course in Sunrise
CC Homes plans to build 900 homes on shuttered golf course in Sunrise
Jim Carr and Armando Codina with renderings of the homes (CC Homes)
CC Homes pays $12M for Southwest Ranches land for single-family community
CC Homes pays $12M for Southwest Ranches land for single-family community
Jim Carr and Armando Codina, with a rendering of a home
CC Homes launches sales of luxury homes in Southwest Ranches
CC Homes launches sales of luxury homes in Southwest Ranches
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
arrow_forward_ios

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

Loading...