Codina Partners Nabs $100M to Build Rental Building in Miami

Three months after securing funding for a retail expansion at the 250-acre Downtown Doral master development, Armando Codina’s Codina Partners is now adding a multifamily building to the pipeline. 

Regions Bank and Ocean Bank provided a $100 million construction debt package for Codina’s Sevilla, a seven-story, 412-unit rental development. Business Journals first reported the deal.

Located at the corner of Northwest 52nd Terrace and Northwest 53rd Street, the 371,604-square-foot project sits on a 4.2-acre site west of the Palmetto Expressway. Sevilla is due to house 15,800 square feet in common areas and amenities, including a pool deck, pickleball courts, and a two-story fitness center.

Regions Bank will fund 65 percent of the loan, while Ocean Bank will provide the rest, according to the Coral Gables-based developer. Renters would be allowed to move in during the first quarter of 2027, while the project is expected to be fully completed by the third quarter of that year. 

Sevilla’s funding comes three months after Codina Partners landed a $38 million construction loan, also from Ocean Bank, for a 25,000-square-foot retail development near the Trump Organization’s Doral golf resort. 

The developments are part of Downtown Doral, a master-planned development that Codina Partners spearheaded in Doral’s town center. The mixed-use development features more than 10,000 residential units, schools, 150,000 square feet of office space, at least 40 restaurants and stores, and a city government complex.

Julia Echikson can be reached at jechikson@commercialobserver.com.