Codina Partners lands $150M refi for Downtown Doral and 2020 Salzedo

Florida Community Bank and an HFF correspondent life insurance company are the lenders

Miami /
Jul.July 16, 2018 02:35 PM

Armando Codina Downtown Doral and 2020 Salzedo

Codina Partners just closed on a $150 million refinance deal for two of its commercial projects in Doral and Coral Gables.

The firm scored $20 million for its luxury office tower project 2020 Salzedo from Florida Community Bank, and $127 million for its office and retail portfolio at Downtown Doral from an undisclosed life insurance company, according to a spokesperson for the developer.

The two separate loans were arranged by HFF’s Paul Stasaitis and Manny de Zarraga. Steven J. Vainder from law firm White & Case represented Codina Partners. The refinancing will extend the loan period up to 15 years.

The  2020 Salzedo Street project consists of more than 200 apartments, 50,000 square feet of office space, a parking garage and ground-floor retail. In June 2015, Codina scored a $53 million loan from Regions Bank to help finance the project’s construction.

When complete, Codina Partners’ massive Downtown Doral mixed-use development will have more than 1 million square feet of commercial space, 400,000 square feet of Class A office space and 5,000 residential units. The master-planned community includes a city hall, a charter school and Publix that are already open, town homes, single-family homes and condo towers.

Codina Partners, led by developer Armando Codina, is also building a 1.5 million-square-foot industrial park in Hialeah called Beacon Logistics Park. 


Related Articles

arrow_forward_ios
Blink’s Michael Farkas and Lionstone’s Diego Lowenstein with 605 Lincoln Road (Google Maps)
Blink buys office condo on Miami Beach’s Lincoln Road for new HQ
Blink buys office condo on Miami Beach’s Lincoln Road for new HQ
Photo courtesy of David Iglesias
Boca Beach House condo project scores $43M construction loan
Boca Beach House condo project scores $43M construction loan
Nick Rojo and Jeff Burns (Affiliated, iStock)
Affiliated Development launches $125M workforce housing fund
Affiliated Development launches $125M workforce housing fund
Tom Cabrerizo and 6790-6880 Southwest 80th Street (Google Maps)
Developers score $15M construction loan for Miami townhouse development
Developers score $15M construction loan for Miami townhouse development
Triton Center (iStock)
Questions surround $50M in EB-5 investments tied to former INS building: lawsuit
Questions surround $50M in EB-5 investments tied to former INS building: lawsuit
Michael S. Liebowitz and Russell Galbut (Linkedin)
Russell Galbut and partner launch blank check company, plan to raise $100M
Russell Galbut and partner launch blank check company, plan to raise $100M
Southland Mall, 20505 South Dixie Highway in Cutler Bay with JLL's Tom Hall and Danny Finkle (Google Maps, JLL)
Southland Mall’s troubled $65M CMBS loan for sale
Southland Mall’s troubled $65M CMBS loan for sale
Alan Ojeda and 8894 NW 44 Street in Sunrise (Google Maps)
Rilea Group scores $46M construction loan for Sunrise apartments
Rilea Group scores $46M construction loan for Sunrise apartments
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...