Related, partners secure $74M in long-term debt for Doral apartments

Retail portions of project on track to open end-year 2016

May.May 19, 2016 01:30 PM

Related Group, Shoma Group and PGIM Real Estate Investors have just secured $74 million worth of long-term debt for the first multifamily piece of their massive CityPlace Doral project.

County records show Capital One issued the loan, which covers the newly opened Manor at CityPlace Doral apartment building at 3450 Northwest 85th Court.

Related Development CEO Steve Patterson told The Real Deal that because Manor is now completed, the team wanted to secure long-term debt for stability.

“We’ve been under our construction loan; it was time to put some permanent financing in place,” he said.

Manor, which is fully leased and boasts 394 units, is the first of three multifamily buildings that Related is developing at the 50-acre CityPlace. It’s meant to be the most luxurious of all three, with amenities ranging from putting greens to waterfalls, fitness areas and party rooms. Rents at the building range from $1,560 for a studio to $2,600 for a three-bedroom apartment.

Next up will be the Flats at CityPlace Doral, another rental building that is well-under construction. The 304-unit building will sit on top of the retail portion, Patterson said, and is meant for the type of renters who want to walk out of their elevator and be right next to shops, restaurants and other businesses. Its scheduled to start leasing in November, with an expected completion date of January.

Details for the third multifamily building are still being worked out, Patterson said, and the project could end up as either condos or rentals, depending on market demand. When all three are completed, the development will have roughly 1,000 units.

“Doral is really a place that needs housing stock,” Patterson said. “We feel confident that there’s enough demand there to go around.”

Related spearheaded development for the multifamily portions of the project, while partner Shoma Group was the lead for CityPlace’s array of 150 single-family homes called Oasis. The homes are almost entirely sold out — only 10 plots remain, Patterson said. PGIM is an equity partner in the project, excluding except for the Oasis portion.

The 300,000-square-foot retail portions are also on track to open in the fourth quarter of this year. Roughly 90 percent of the space is leased, with anchors including Fresh Market, Kings bowling alley, and luxury movie theatre CineBistro/Cobb Theatre. Check out more of the stores and restaurants opening here.

Patterson said the retail spaces have been turned over to tenants, who now have to complete their buildouts for opening.

Related and its partners aren’t the only firms looking to urbanize Doral. Sergio Pino is leading a team that’s building Midtown Doral, another mixed-use project with residences and retail that’s already under construction.

Codina Partners is also grabbing a slice of the action with its massive Downtown Doral project, which also boasts condos, office space and retail. Codina and Lennar are even planning on expanding the project through their $96 million purchase of the White Course for more development space.

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