Coral Rock Receives $ 54 Million Loan For The Hialeah Project


Michael Wohl and a rendering of the project

Coral Rock Development Group has secured a $ 53.5 million home loan for the 260-unit portion of their mixed-use project in Hialeah.

Principal Real Estate Investors provided the debt, according to a release.

The project, called Pura Vida Hialeah, will consist of three eight-story buildings and approximately 11,000 square meters of retail space on the ground floor. Units will range from 538 square feet to 1,099 square feet and up to three bedrooms. The property is on 9 acres at 2901-3099 West 16th Avenue and 1571 West 29th Street.

The loan is divided into two parts. The first part contains the lender’s share of the property cash flow and the residual value of the project. The latter part is designed to help Coral Rock before it completes long-term, fixed-income financing.

The commercial part of the project will include three separate properties with approximately 40,000 square feet of retail space.

The general contractor Kast Construction will break the ground in November and move into is planned for the first quarter of 2022.

A dollar tree is already open on the site. An InnovaCare Health will be opened at the location shortly. Future tenants include a Wawa convenience store and a gas station, as well as a Taco Bell.

In August 2019, Coral Rock received a $ 13 million loan from BB&T Bank for its mixed-use project in Hialeah.

Other projects under construction in the area include developer Masoud Shojaee’s Shoma Village – a mixed-use apartment complex with a food hall component that closed with a $ 67 million loan in July – and the development of Prestige Companies at 7755 West Fourth Avenue, which was awarded a $ 6.6 million home loan in June.


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