Codina Partners scores $41M construction loan for Downtown Doral rental building

The apartment building will have 231 units

Aug.August 03, 2017 12:45 PM

A rendering of Downtown Doral’s retail portion and Armando Codina

UPDATED Aug. 3, 1:30 p.m.: Codina Partners just scored a $41.4 million construction loan for a multifamily building in Downtown Doral, property records show.

Codina Partners will be building a 231-unit apartment building that it is developing in partnership with an institutional investor advised by Invesco Real Estate, a real estate investment manager based in Dallas, according to a statement from Codina Partners. The rental building will sit directly across the street from Codina’s Downtown Doral Charter Elementary School at 8390 Northwest 53rd Street.

When completed, Downtown Doral will have 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. The master-planned community will include a city hall, charter school, townhomes, single-family homes and eventually, eight condo towers.

In Doral, Downtown Doral joins such other mixed-use developments as Related Group’s and Shoma Homes’ CityPlace Doral, which includes 600,000 square feet of retail and more than 1,000 residences.

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