Touchdown! Housing development near Hard Rock Stadium scores $38M loan

Coastland bought the property for $5M in 2018

Miami /
Dec.December 09, 2020 04:30 PM
Renderings of 502 NY 207th Street and Coastland Construction president Alex Rodriguez (Coastland, Miami Gardens)

Renderings of 502 NY 207th Street and Coastland Construction president Alex Rodriguez (Coastland, Miami Gardens)

 
 

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.






    Related Articles

    arrow_forward_ios
    Davie student housing complex scores $62M refi, construction loan
    Davie student housing complex scores $62M refi, construction loan
    Davie student housing complex scores $62M refi, construction loan
    5801 Northwest 49th Avenue in Miami Gardens and Lightstone CEO David Lichtenstein (Google Maps, Lightstone)
    Lightstone pays $20M for Miami Gardens warehouse leased to Moishe Mana
    Lightstone pays $20M for Miami Gardens warehouse leased to Moishe Mana
    A rendering of Wynwood Haus
    Wynwood Haus apartment tower in an Opportunity Zone scores $38M construction loan
    Wynwood Haus apartment tower in an Opportunity Zone scores $38M construction loan
    Leon Ojalvo with Blue Lake Village Apartments (SRE Commercial Group)
    Investor buys multifamily complex near Miami Shores for $15M
    Investor buys multifamily complex near Miami Shores for $15M
    Arch Companies founders Jeffrey Simpson, Jared Chassen and Infinity's David Berg. (Google Maps, Infinity, Getty)
    Arch, Infinity JV to build mixed-use multifamily tower in Miami’s Edgewater
    Arch, Infinity JV to build mixed-use multifamily tower in Miami’s Edgewater
    North Miami Studios and two productions, “The Birdcage” and “Miami Vice" (Getty)
    North Miami studios, home to “Miami Vice” and “The Birdcage,” sells to developer that plans mixed-use project
    North Miami studios, home to “Miami Vice” and “The Birdcage,” sells to developer that plans mixed-use project
    Lynd CEO A. David Lynd and Lynd Acquisition Group President Constantine Scurtis with Parc Place Apartments at 17600 Northwest Fifth Avenue in Miami Gardens (Parc Place)
    Lynd pays $41M for Miami Gardens apartments
    Lynd pays $41M for Miami Gardens apartments
    Laurent Morali and renderings of the project (Kushner Companies)
    Kushner Companies wins approval for four-tower mixed-use project in downtown Fort Lauderdale
    Kushner Companies wins approval for four-tower mixed-use project in downtown Fort Lauderdale
    arrow_forward_ios

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

    Loading...