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
    From left: 707-715 Southwest Fifth Street, Dania Beach; 2901 Northwest 18th Street, Fort Lauderdale; and 801-805 Northwest 10th Street, Hallandale Beach (Google Maps)
    GDF Properties scoops up Broward multifamily portfolio for $17M
    GDF Properties scoops up Broward multifamily portfolio for $17M
    Yair Levy and a rendering of the project
    Downtown Miami jewelry center scores construction loan
    Downtown Miami jewelry center scores construction loan
    Great Gulf CEO Ilias Konstantopoulos with a rendering of the development at 1515 South Flagler Drive (Great Gulf)
    La Clara condo project in WPB scores $110M construction loan
    La Clara condo project in WPB scores $110M construction loan
    Alliance's Bruce Ward and Carlyle's Kewsong Lee with a rendering of Broadstone Lakeside and an aerial view of the property (Getty, Google Maps, MSA Architects)
    Alliance, Carlyle affiliate buys WPB dev site from church, lands $43M construction loan for multifamily project
    Alliance, Carlyle affiliate buys WPB dev site from church, lands $43M construction loan for multifamily project
    Christopher Forest Longsworth (Invesca)
    Invesca CEO Christopher Longsworth dies at 36
    Invesca CEO Christopher Longsworth dies at 36
    Rendering of the Dorsey with Alex Karakhanian, Jon Paul Perez and Tricera’s Scott Sherman and Ben Mandel (iStock)
    Related scores $88M construction loan for Dorsey project in Wynwood
    Related scores $88M construction loan for Dorsey project in Wynwood
    Freedom Marina and Pennell’s Marina (Courtesy of William Cunningham III)
    Two Deerfield Beach marinas sell for $18M, buyer plans multifamily project
    Two Deerfield Beach marinas sell for $18M, buyer plans multifamily project
    Yamal Yidios and 2545 Northwest 207th Street, Miami Gardens (Google Maps)
    Greenstone pays $78M for Miami Gardens apartments
    Greenstone pays $78M for Miami Gardens apartments
    arrow_forward_ios

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

    Loading...