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Codina Obtains $50M for West Kendall Apartment Development

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Armando Codina and James Carr, who run CC Residential, have obtained a cool $50.18 million mortgage to build a new apartment complex West Kendall, which previously sat outside Miami-Dade County's Urban Development Boundary (UDB) out west.

In 2009, Previous owner Victor Brown's Kendall Investors 172 LLC obtained approval to build offices and have other commercial uses for the parcel of land located at the southeast corner of Kendall Drive and Southwest 172nd Avenue. In 2012, Victor Brown's team returned to the County and secured approval to build apartments, which included having the UDB line moved further west to although for the residential condo complex. In 2014, Victor Brown sold the land to Codina/Carr.

So, yes, the idea of the Kendall West garden apartment community has been in the works since 2012. With a mortgage from PNC Bank, the plan is to build 396 apartments in 18 three-story buildings (no high rises here!) A clubhouse that's 8,000 s.f. and detached garages sweeten the deal.

· Codina/Carr obtain $50M loan to stretch Urban Development Boundary with apartments [SFBJ]