The Real Deal Miami

Terra Group gets $26M loan for Doral project

Property was sold in 2011 for $16.5 million
December 01, 2014 01:30PM

Modern Doral

Modern Doral

Terra Group was approved for a $26.2 million loan for its Doral residential project, Modern Doral.

The project by the Miami-based developer includes 80 single-family homes, 142 town homes and a clubhouse, according to the South Florida Business Journal.

The property was sold in 2011 for $16.5 million after the previous owner was faced with a foreclosure lawsuit. A Chile-based bank assumed the existing $6.5 million in loans and increased them to more than $26 million, the Journal reported. 

Modern Doral is located south of Northwest 74th Street and west of Northwest 102nd Avenue. [South Florida Business Journal] – Katherine Kallergis