Ram Real Estate nabbed a $48 million construction loan to build its Residences at Intercontinental Village apartment project in Doral. Ram Columbia Doral LLC, an affiliate of the Palm Beach Gardens-based developer, received the mortgage from PNC Bank.
The developer acquired 16.4 acres at 2520 and 2611 N.W. 84th Ave. for $19.76 million from Avante Ltd., managed by Ernesto Pome in Miami in May. The seller retained about 0.6 acres of the site.
Ram Real Estate rezoned that portion of the Transal Business Park from business/industrial to residential. It was approved for 332 apartments.
The site is near the InterContinental at Doral hotel.
Doral has been a hot bed for residential and mixed-use development with projects such as Downtown Doral, CityPlace Doral and Midtown Doral.