The Real Deal Miami

Terra scores construction loan for its planned retail center in Doral

The retail center will offer 81,000 sf of commercial space, including retail and restaurants
By Amanda Rabines | September 21, 2017 02:15PM

Terra Group just scored a $60 million construction loan for its planned retail center in Doral, property records show.

The lender is Coral Gables-based Fort Lauderdale Finance and Investment, led by Lidia Cartaya. Terra recently dropped $12.5 million for the 3.9-acre lot on the corner of Northwest 87th Avenue and 36th Street. The property is near the Trump National Doral Miami.

Terra bought the property from Miami-based Banyan Street Capital earlier this week. Banyan owns an adjacent 5.5-acre parcel, the site of the Doral Court office building at 8600 Northwest 36th Street. It took ownership of the 9.4-acre property in March 2016 after making a stalking horse bid of $25.9 million once the property’s previous owners filed Chapter 11 bankruptcy.

Terra Group’s retail center will offer 81,000 square feet of retail and restaurants, according to the South Florida Business Journal. A spokesperson for Terra Group did not respond to a request for comment. The site is close to a number of up-and-coming developments in Doral, like Codina Partners’ Downtown Doral project and CityPlace Doral, developed by the Related Group and Shoma Homes.

Miami-based Terra Group is currently building a 78,000-square-foot, mixed-use office building in Coconut Grove called Mary Street with Mayfair Real Estate Advisors. It also owns Modern Doral, a community of single-family homes in Doral; and Doral Commons, a retail center occupied by Publix, Citibank, McDonald’s and TJ Maxx.