Coral Rock Development Group has snagged a $53.5 million construction loan for the 260-unit residential portion of its mixed-use project in Hialeah.
Principal Real Estate Investors provided the debt, according to a release.
The project, dubbed Pura Vida Hialeah, will consist of three eight-story buildings and about 11,000 square feet of ground-floor retail. Units will range from 538 square feet to 1,099 square feet, and up to three bedrooms. The property is located on 9 acres at 2901 to 3099 West 16th Avenue and 1571 West 29th Street.
The loan is structured in two parts. The first part will have the lender share in property cash flow and the residual value of the project. The latter part is meant to help Coral Rock before it takes out long-term, fixed-rate financing.
The commercial portion of the project will include three separate properties with about 40,000 square feet of retail space.
General contractor Kast Construction will break ground in November, with occupancy set for the first quarter of 2022.
A Dollar Tree is already open at the site. An InnovaCare Health will soon open at the site. Future tenants include a Wawa convenience store and gas station and a Taco Bell.
In August 2019, Coral Rock landed a $13 million loan from BB&T Bank for its mixed-use project in Hialeah.
Other projects under construction in the area include developer Masoud Shojaee’s Shoma Village — a mixed-use apartment complex with a food hall component that closed on a $67 million loan in July — and Prestige Companies’ development at 7755 West Fourth Avenue, which scored a $6.6 million construction loan in June.