CC Homes Nabs $40M Construction Loan for Gated Community in Broward County
By Julia Echikson June 16, 2023 2:23 pm
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CC Homes landed a $40 million construction loan from Wells Fargo to complete a gated community in Cooper City, Fla., property records show.
The development, called Kingfisher Reserve, is set to feature 39 single-family homes, ranging between 2,588 and 5,313 square feet. Asking prices for some houses start at $1.4 million.
The Coral Gables-based developer began construction last July, records show. Some developers have opted to secure financing well after the start of construction because of interest rate hikes, which have increased the cost of lending.
CC Homes had assembled the site at 5700 SW 106th Avenue, just north of Stirling Road, three months earlier, paying $4.6 million in total, according to records.
The development marks the second project in Cooper City for CC Homes, led by Jim Carr and Armando Codina, who’s also the founder and executive chairman of Codina Partners, a prominent development firm in South Florida. In 2013, CC Homes completed the Monterra, a gated master-planned community.
A representative for CC Homes did not immediately respond to a request for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
