Codina Partners Closes On $124M Loan, Becomes Sole Owner Of Downtown Doral Residential Complex

Codina Partners has closed on a significant refinancing deal that has made it the sole owner of Palma Tower One, the first tower in the Palma Tower lifestyle complex in Downtown Doral.

The $124 million loan, which closed on December 23, 2024 with an account advised by HPS Investment Partners as the lender, grants Codina Partners full control over the entire Palma Tower complex, which consists of two residential towers.

Palma Tower One, completed in 2019, features 231 residential units and was the first ever high-rise multi-family lifestyle complex in Downtown Doral—a 250-acre mixed-use development at the heart of the City of Doral. Codina Partners previously co-owned Tower One with Invesco, while solely owning Tower Two, which was completed in 2023 and houses 228 units. Through this refinancing, Codina Partners has now acquired full ownership of Tower One, further consolidating its position as the leading force behind the Palma lifestyle complex.

“We are thrilled to take full ownership of Palma Tower One and have the opportunity to continue to shape the growth and success of this exceptional mixed-use complex,” said Ana-Marie Codina, CEO of Codina Partners. “This marks a key milestone for our firm, and we are excited to continue investing in the future of Downtown Doral, a thriving community that is the ultimate place to live, work, play and learn in South Florida.”

The loan was arranged by Paul Stasaitis, Senior Managing Director at JLL Capital Markets. The refinancing will help facilitate Codina Partners’ long-term plans for the two Palma Towers, ensuring continued growth, management, and the enhancement of the luxury living experience for residents of both buildings.

 

 

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