An affiliate of Codina Partners obtained two big loans from Regions Bank to build its 2020 Salzedo mixed-use project in Coral Gables.
The bank (NYSE: RF) made a $53.54 million mortgage to Codina CG for the residential portion and a $15.35 million loan to Salzedo Office for the office portion. The site covers 1.6 acres at 2020 Salzedo Street.
Codina assembled the property with purchases of $5.2 million in 2010 and $977,500 in 2013 and then paid the owners of historical properties to transfer development rights to the property.
The project will have 213 apartments in 16 stories, 46,000 square feet of office in four stories, 5,000 square feet of retail and 559 parking spaces. The parking garage will have a rooftop amenity deck with a pool.