Developers score $15M construction loan for Miami townhouse development

Legacy Residential Group and CD Group bought the land for $4M in 2018

Miami /
Nov.November 17, 2020 04:30 PM
Tom Cabrerizo and 6790-6880 Southwest 80th Street (Google Maps)

Tom Cabrerizo and 6790-6880 Southwest 80th Street (Google Maps)

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.





    Related Articles

    arrow_forward_ios
    Grover Corlew Principals Mark Corlew and Anuj Grover and rendering of the Mayla Pompano apartment project (Grover Corlew)
    Grover Corlew scores $78M construction loan for Pompano Beach multifamily project
    Grover Corlew scores $78M construction loan for Pompano Beach multifamily project
    Mast Capital CEO Camilo Miguel Jr. and a rendering of Waterline Miami River (Mast Capital)
    Mast Capital JV reels in $71M loan for Miami River multifamily development
    Mast Capital JV reels in $71M loan for Miami River multifamily development
    Miami Worldcenter developer nabs $340M financing for mixed-use tower, marking third largest construction loan ever in Florida
    Miami Worldcenter developer nabs $340M financing for mixed-use tower, marking third largest construction loan ever in Florida
    Miami Worldcenter developer nabs $340M financing for mixed-use tower, marking third largest construction loan ever in Florida
    GLP Capital Partners CEO Alan Yang and Modlo Logistics Center (GLP)
    Industrial strength: GLP Capital Partners scores $64M construction loan for Doral logistics project
    Industrial strength: GLP Capital Partners scores $64M construction loan for Doral logistics project
    Gomez Development scores $45M loan to build Aventura medical building
    Gomez Development scores $45M loan to build Aventura medical building
    Gomez Development scores $45M loan to build Aventura medical building
    Aventura assisted living and medical offices project scores $84M construction loan
    Aventura assisted living and medical offices project scores $84M construction loan
    Aventura assisted living and medical offices project scores $84M construction loan
    Joseph Chetrit and a rendering of the Miami River project (Getty)
    Chetrit scores $310M construction loan for Miami River mixed-use project
    Chetrit scores $310M construction loan for Miami River mixed-use project
    Kushner scores $127M financing for Edgewater dev site
    Kushner scores $127M financing for Edgewater dev site
    Kushner scores $127M financing for Edgewater dev site
    arrow_forward_ios

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

    Loading...