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.