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Homebuilder Scores Home Run With $11.2 Million Mortgage For Doral Housing Community

A local homebuilder just took out an $11.2 million mortgage, likely to finance the first stages of a housing community. Apollo Bank made the loan to the Century Homebuilding Group, headquartered in Doral, Miami-Dade County records show.

Century Homebuilding mortgaged a 7.2-acre lot that’s adjacent to the Miami Christian School at 200 Northwest 109th Avenue. The school used the lot as a baseball field, but sold it to Century last year for $300,000, according to Miami-Dade property records.

Now, the company is marketing the apartment community as Century Park West, which will include 163 units ranging from 1,000 square feet to 1,500 square feet.

Century is also in the midst of building Midtown Doral, a planned mixed-use project similar to Miami’s Midtown with 300,000 commercial space, 100,000 square feet of office space, a hotel component with about 100 rooms, and more than 1,500 residential units, Sergio Pino, Century Homebuilders president and founder, told TRD.


Source:  The Real Deal