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Developers score $15M construction loan for Miami townhouse development
Legacy Residential Group and CD Group bought the land for $4M in 2018
A partnership of two local developers received a $15.3 million construction loan to build 30 luxury townhouses near South Miami.
Miami-based Apollo Bank provided the loan for the proposed development at 6790 to 6880 Southwest 80th Street in Miami. The project is dubbed the Somi Subdivision, according to records.
The borrowers are a company managed by Tom Cabrerizo of Miami-based Legacy Residential Group, formerly CFH Group; and Maurice Cayon of Miami-based CD Group.
A notice of commencement for the work shows Luis E. Roca Inc. is the contractor for the 30 townhouses, to be spread among three buildings.
Records show that the partnership bought the development site for $4.3 million in 2018 from Baptist Health South Florida.
This isn’t the partners’ first project. In 2018, the partnership paid $12.8 million for an apartment complex on Coral Way near Brickell.
That year, the partners completed Las Palmas, a 226-unit multifamily complex at 3500 West Ninth Avenue in Hialeah that received a $30.8 million construction loan.
In March, CFH Group bought a bank branch in Miami’s Allapattah neighborhood for $6.9 million. In February, the company spent $16.9 million on a 100-unit complex at 10791 North Kendall Drive — also sold by Baptist Health South Florida.