CBRE Capital Markets Arranges $66.8 Million In Construction Financing For Mixed-Use Project In Miami
CBRE has arranged $66.8 million in financing for the development of Century Town Center, a new mixed-use project in Miami.
Marcos Minaya and Amy Julian with CBRE Capital Markets’ Debt & Structured Finance represented the borrower, a partnership between Century Asset Management (Century Homebuilders Group and Constructora Conconcreto) and an affiliate of the Mattoni Group. The loan was provided by Pacific West Bank.
“Century Town Center sits the heart of Doral, one of Florida’s most economically vibrant and family-friendly submarkets. The property will feature two residential buildings with structured parking, a state-of-the-art clubhouse, and approximately 35,700 square feet of retail and restaurants,” said Minaya.
The project’s 326 apartments will consist of a mix of one-, two- and three-bedroom units. Residents will have access to storage units and 910 parking spaces. Community amenities will include structured parking, a pool, gym, banquet hall and ground level retail.
The development broke ground in January this year with an expected completion date in the first half of 2024.
The property sits a few miles away from Miami International Airport and provides easy access to Florida’s Turnpike, and the 826-Palmetto and 836-Dolphin expressways.
It will be located within the master planned community known as Midtown Doral. When fully developed, Midtown Doral will include residential, business, recreational and retail uses, which will allow residents to walk to cafes, restaurants, boutiques, and places of work.
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