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

The apartment building will have 231 units

A rendering of Downtown Doral's retail portion and Armando Codina
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.

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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.