Century Homebuilders just scored a $20 million loan to build four single-family home communities in western Miami-Dade County, property records show.
The Coral Gables-based developer will use the financing to construct 92 new homes, including a community with 59 single-family homes in West Kendall. It’s also planning build two smaller communities in Westchester and an 18-home development near Tamiami, according to president and founder Sergio Pino. Miami-based FirstBank of Florida is the lender.
The $20 million loan will be used for the following projects:
- Nine single-family homes at Century Cove II – 101st Avenue and Southwest 28th Street. Prices: $574,990 to $649,990
- Six single-family homes at Century Cove Estates – 98th Avenue and Southwest 28th Street. Prices: $649,990 to $729,990
- 18 single-family homes at Century Gardens VI – 145th Avenue and Southwest 18th Street. Prices: $495,990 to $575,990
- 59 single-family homes at Century Estates South – 157th Avenue and Southwest 136th Street. Prices: $450,000 to $550,000
Homebuilders in South Florida have increasingly been purchasing properties away from the urban core as vacant land becomes more scarce.
Pino said he’s focusing on buying land in western Miami-Dade County, while other larger homebuilders such as Lennar are also buying lots and building communities further south in the Homestead/Florida City area.
West Miami-Dade is less speculative for homebuilders than the southern part of the county, and there are fewer competitors, Pino said. “We are trying to build in areas where the locals are going to be there to buy properties,” he added.
Century Homebuilders has built 15,000 homes in South Florida. The company is also developing a 118-unit rental project with partner Pactia USA, which will feature 10,000 square feet of commercial space near the Shops at Merrick Park in Coral Gables.