Midtown Doral scores $67M construction loan for apartment development

May 02, 2022, Author: Lidia Dinkova, The Real Deal

Two six-story buildings will have a total of 326 units

A group of developers scored a $66.8 million construction loan for an apartment project at Midtown Doral.

Sergio Pino’s Coral Gables-based Century Homebuilders is partnering with Ricardo Caporal’s Mattoni Group and Colombian construction giant Conconcreto to build a pair of six-story buildings with a total of 326 units. The development will be directly north of the existing Midtown Doral condo complex, according to Mattoni Group.

Construction is already underway at the 3.8-acre site on the southeast corner of Northwest 107th Avenue and Northwest 82nd Street, and is expected to be completed in the fourth quarter of 2023, Caporal said. Pacific Western Bank provided the construction financing.

The project will have 36 studios with 547 square feet; 138 one-bedroom apartments, ranging from 625 square feet to 773 square feet; 131 two-bedroom units, ranging from 890 square feet to 980 square feet; and 21 three-bedroom units with 1,220 square feet, according to Mattoni.

This is the first part of a two-phase development. In total, the development trio plans 675 units, meaning the second phase will be 349 units, although it is yet to be decided whether they will be condos or rentals, Pino said.

Amenities for both project phases will include retail and restaurant space, two garages and a three-story clubhouse spanning roughly 47,000 square feet with a gym, spa and event space on the third floor, he said. The clubhouse will serve the new buildings and the existing condos.

Miami-based Mattoni Group, founded in 2009, is a private equity real estate investor, according to its website. Conconcreto, which has offices in Medellín, Bogotá and Barranquilla, is a construction engineering firm led by CEO Juan Luis Aristizabal Velez, according to its website. Conconcreto is both an investment partner and the general contractor in the apartment project, Pino said.

Century Homebuilders developed the four-building Midtown Doral with 537 condo units and two garages, Pino said. All of the condos were sold out.

When the project began in 2014, the plan was for all condos, which worked well for the first four buildings. They were completed and sold at a time of a strong Venezeulan buyer pool, with some of the units selling for more than $750,000, Pino said.

The market has since changed, prompting the switch to apartments for the next two buildings.

“There’s not a market in Doral for high-end condominium units, so we shifted to what the market is asking for, which is rentals,” Pino said.

Doral, once a residential community with industrial real estate, has morphed in recent years into a mecca for mixed-use development.

Codina Partners, based in Coral Gables and led by Armando Codina and Ana-Marie Codina Barlick, is the master developer of the 250-acre Downtown Doral, which includes offices, retail and apartments.

Jorge Pérez’s Related Group, Shoma Group and PGIM Real Estate Investors opened the master-planned, mixed-use CityPlace Doral on 55 acres about five years ago. It includes 250,000 square feet of retail space with more than 40 dining, shopping and entertainment venues, according to the project’s website.

CityPlace also has several apartment towers, with the development trio selling The Flats, a two-tower complex at 3555 Northwest 83rd Avenue, for $100 million in 2020.