Codina/Carr snags $56M in financing for Doral homes

Canarias will have 343 houses, 52 townhomes with prices starting in the $600,000s

May.May 02, 2017 03:30 PM

Renderings of the Canarias project. Inset: Jim Carr and Armando Codina

Armando Codina and Jim Carr’s CC Homes closed on $56 million in financing for its Canarias in Downtown Doral project, property records show. 

CC Homes secured the $26 million development loan and $30 million construction loan from Florida Community Bank for its custom home community within the Residences at Downtown Doral, CEO Carr confirmed via a spokesperson.

Canarias will have 343 single-family homes and 52 townhomes among six residential collections. The developers opened the 4,700-square-foot Canarias sales center at 8333 Northwest 53rd Street in April. The single-family homes range from the $800,000s to $1.5 million and townhouses start in the $600,000s. Floor plans range from about 1,800 square feet to about 4,800 square feet.

Canarias will be developed on the White Course, which Codina, Carr and Stuart Miller purchased last year for $96 million. Miller’s Lennar Corp. acquired half, while Codina and Carr acquired the other half.

The golf course is next to Downtown Doral, Codina Partners’  master-planned, mixed-use development. In all, the $1 billion, 250-acre community will include a city hall, charter school, eight condo towers, a total of 70 retail stores and restaurants, more than 1 million square feet of commercial space; 400,000 square feet of Class A office space and 2,840 residential units. In January, the sales team announced the second condo tower, 5300 Paseo, sold out for $88 million.

Construction on Canarias will begin in June and July for pre-sold homes, Carr previously said, and residents are expected to start moving in during the first quarter of next year.

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