The developer of a planned housing development of 113 townhouses and 288 multifamily units in Miami Gardens scored a $38.3 million construction loan.
A company affiliated with Coastland Construction landed the loan for the project on about 36 acres at Northwest 207th Street & Northwest 7th Avenue, according to records. That’s east of Hard Rock Stadium, home of the Miami Dolphins and University of Miami Hurricanes football teams.
The development, called Vista Lago, will feature 11 three-story apartment buildings, with amenities to include a clubhouse, gym, toddlers park and pool overlooking a 6-acre lake. The first units are expected to be completed in July, according to Leonardo Ambard of Coastland Construction.
Ocean Bank is the lender. Earlier this year, the Miami bank provided an $810,000 construction loan for a rental development in Little Havana and a $67 million loan to refinance 13 Investments Limited properties in the region.
In May, Ocean Bank listed a 3-acre site near Le Jeune Road in Miami by its headquarters that could be developed into a mixed-use project.
Coastland, based in Pinecrest and led by President Alejandro “Alex” Rodriguez, bought the Vista Lago property in 2018 for $4.9 million, according to records. The property housed a television antenna complex for decades.
In October, the company paid the city of Miami Gardens $10 for land related to the project, according to records.
Coastland is also the builder of a $26 million Opa-locka development geared toward affordable housing. The developers secured a loan for that project in September.