Codina Partners landed a $100 million construction loan for a 412-unit multifamily project at its Downtown Doral mixed-use development.
The firm, led by father-daughter duo Armando Codina and Ana-Marie Codina, started building the seven-story Sevilla building on a 4.2-acre site on the corner of Northwest 53rd Street and Northwest 52nd Terrace in Doral, according to the developer’s news release. The site is near the 3-acre Downtown Doral park.
Regions Bank provided 65 percent of the loan, and Ocean Bank provided the remaining 35 percent.
Sevilla will consist of one-bedroom to three-bedroom apartments, ranging from 720 square feet to 1,708 square feet. It also will have 15,800 square feet of amenities.
Construction is expected to be completed in the third quarter of 2027, with the first residents able to move in during the first quarter of that year, according to the release.
Coral Gables-based Codina is the master developer of the 250-acre Downtown Doral that consists of roughly 5,000 residential units, including condos, single-family homes, apartments and townhouses; 660,000 square feet of offices; about 40 shops and restaurants; a cultural center; charter school and the Doral Government Center. Apartment towers include the 19-story, 231-unit Palma Tower One at 5250 Northwest 84th Avenue, and the 20-story, 228-unit Palma Tower Two at 5225 Northwest 85th Avenue.
Codina is developing the last of the retail at Downtown Doral. In May, it scored a $38.8 million construction loan for 25,000 square feet of commercial space and 932 parking spaces on Northwest 87th Avenue between Northwest 52nd and 53rd streets.
University of Miami Health System will open an eye care and physical therapy center at the intersection of Northwest 87th Avenue and Northwest 53rd Terrace, and also has a six-story UHealth medical center at 8375 Northwest 53rd Terrace.
Elsewhere in Miami-Dade County, Codina’s projects include the 29-story Museum Tower, completed in 1987 in downtown Miami, and several industrial parks. For its latest warehouse campus, Codina is partnering with Affinius Capital to develop the 75-acre, 1.3 million-square-foot Beacon Logistics Park in Hialeah.
Construction financing has continued to flow in South Florida amid elevated interest rates, skyrocketing insurance and other economic headwinds. The Sevilla loan was provided by banks, even as some traditional financial institutions have partly retrenched from lending. Private financiers such as debt and pension funds or family offices taking a bigger market share.
Despite a slowdown of apartment lease-ups due to record completions last year, developers continue to start projects. Many are targeting completions for next year and in 2027 when demand is expected to again outpace supply.
Last month, Oak Row Equities scored a $210.5 million construction loan for the 38-story, 324-unit 2900 Terrace apartment tower on the northeast corner of Northeast 29th Street and Northeast Fourth Avenue in Miami’s Edgewater.
In West Palm Beach’s Northwood District, Immocorp Ventures –– a partnership between Gilbert Benhamou of Aventura-based Immocorp Capital and Gideon Friedman of New York-based Beachwold Residential –– landed $117 million last month to build a 382-unit apartment complex at 2484 Pinewood Avenue. Also last month, Craig Robins’ Dacra and its partners scored a $125 million construction loan for the 20-story, 107-unit Cassi apartment building at 91-93 Northeast 36th Street in the Miami Design District.
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