An affiliate of real estate developer Hines signed an $88 million construction loan for a Doral project that will feature residential, hotel rooms, retail and offices.
BMO Harris Bank, as an administrative agent for multiple lenders, granted a four-year mortgage to 8800 Doral LLC, an affiliate of Houston-based Hines. It covers the 11.9-acre site at 8800 N.W. 36th Street, near the Federal Reserve Bank of Atlanta’s Miami Branch.
Hines acquired the former manufacturing plant property from Teva Pharmaceuticals for $26 million in January.
Hines secured approval for 550 residential units, 220 hotel rooms, 47,900 square feet of retail and 365,134 square feet of office. It recently filed a notice of construction commencement for the residential portion that listed Pompano Beach-based CB Constructors as the general contractor. It said the project should be completed in mid-2017.
According to Hines’ website, 300 of the units will cater to young professionals in a six-story wrap-style building. The other units will be in several four-story garden-style apartment buildings. The amenities will include a pool, fitness center, sports lounge, pet parlor, dog park and activity trail.