The Real Deal Miami

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

Florida Community Bank and an HFF correspondent life insurance company are the lenders
By Amanda Rabines | July 16, 2018 02:35PM

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.