The Real Deal Miami

Codina scores big loans for Downtown Doral

Wells Fargo provides two mortgages totaling more than $65M for mixed-use project
July 30, 2014 03:45PM

Townhomes at Downtown Doral

Townhomes at Downtown Doral

Companies tied to Codina Partners scored two loans totaling more than $65 million for the $1 billion Downtown Doral development.

The Coral Gables company, operating as Downtown Doral Retail Holdings and Parcel C2 Property, received the financing from Wells Fargo Bank in two transactions recorded last Thursday, according to Miami-Dade County records. Wells Fargo has the option to provide Codina future advances over the next 20 years.

Those two transactions follow the short-term $20.6 million construction loan Codina got for a portion of the mixed-use project in April. Ocean Bank provided that mortgage to Downtown Doral Townhomes. Codina received a $6.6 million subordinate land loan for the site from Koala Miami Realty Holding Co. in October 2013.

Downtown Doral 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.

Codina filed commencement notices last month indicating the start of roadway improvements, landscaping and other site work. — Eric Kalis