Housing development near Hard Rock Stadium secures $ 38 million loan
The developer of a 113 townhouse, 288 multi-family unit real estate development project in Miami Gardens has secured a $ 38.3 million construction loan.
A Coastland Construction affiliate has secured the loan for the project on approximately 36 acres at Northwest 207th Street and Northwest 7th Avenue, according to records. It’s east of Hard Rock Stadium, home of the Miami Dolphins and University of Miami Hurricanes football teams.
The development, called Vista Lago, will include 11 three-story apartment buildings, with amenities to include a clubhouse, gym, toddler park and swimming pool overlooking a 6-acre lake. The first units are expected to be completed in July, according to Leonardo Ambard of Coastland Construction.
Ocean Bank is the lender. Earlier this year, the Miami Bank provided an $ 810,000 construction loan for a rental development in Little Havana and a $ 67 million loan to refinance 13 properties from Investments Limited in the area.
In May, Ocean Bank listed a 3-acre site near Le Jeune Road in Miami near its corporate headquarters that could be developed into a mixed-use project.
Coastland, based in Pinecrest and led by President Alejandro “Alex” Rodriguez, purchased the Vista Lago property in 2018 for $ 4.9 million, according to records. The property has housed a complex of television antennas for decades.
In October, the company paid the city of Miami Gardens $ 10 for land related to the project, according to records.
Coastland is also the builder of a $ 26 million Opa-locka development focused on affordable housing. The developers got a loan for this project in September.