Codina Partners Secures $38.8M Construction Loan From Ocean Bank For Downtown Doral Expansion

The asset involved in this transaction is a development site located on Northwest 87th Avenue in Doral. Codina Partners has secured a construction loan for the development, which includes plans to add 25,000 square feet of retail space and 932 parking spaces. The development is part of the final phase of the Downtown Doral expansion, which is set to break ground in the second quarter of 2025 and is expected to be completed in 2026.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $38,800,000
• Lender: Ocean Bank
• Landlord: Ana Marie Codina & Armando Codina
• Company: Codina Partners
• Pre-leased Space: 11,243 SF for UHealth's Bascom Palmer Eye Institute
• Upcoming Project: 411-unit apartment project, Sevilla Downtown Doral
• Expected Groundbreaking: Q2 2025
• Completion Year: 2026

The individuals involved in this deal are Ana Marie Codina and Armando Codina, representing Codina Partners as the landowners. They are facilitating the construction financing to enhance the Downtown Doral area with significant retail expansion and residential development opportunities.