Courtelis scores $12M loan for planned shopping center in Naranja

Walmart signed a 20-year ground lease at the plaza

Rendering of Coral Town Plaza
Rendering of Coral Town Plaza

Miami-based Courtelis Co. just scored $12.1 million in financing for Coral Town Plaza, its planned shopping center in Naranja, property records show.

CTP One, an affiliate of Courtelis, scored a $3.3 million loan from SunTrust Bank and an additional $8.86 million loan from Mid City Community Sub CDE 25 LLC, a Bethesda, Maryland-based company and ST CDE XLI, LLL, an Atlanta-based company.

CTP Landowner, another affiliate of Courtelis, bought the site at 14325 Southwest 268 Street for $4.5 million in May. The 6.9-acre site is at the crossroads of U.S. 1 and Bauer Drive.

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Elias Vassilaros, the executive vice president of Courtelis, could not be immediately reached for comment.

The Plaza has been approved for 57,000 square feet of retail development. Walmart has already signed a 20-year ground lease at Courtelis’ Coral Town Plaza. The Walmart would span 41,952 square feet, and the remaining 15,018 square feet will be for other retailers.

Last month, Courtelis sold a Walmart anchored retail center in Miami Lakes for $12.23 million. The site was developed by Courtelis in 2008.