AMLI Residential closes on $57M loan for Doral complex
AMLI paid $103.5 million for the community in April
December 31, 2015 12:45PMBy Katherine Kallergis
Chicago-based AMLI Residential scored a $56.9 million mortgage for its Doral apartment complex, Miami-Dade County records show.
Northwestern Mutual Life Insurance Company is the lender, according to mortgage documents. The 14.5-acre community, at 11481 Northwest 41st Street, was completed in 2013. It includes 352 apartments, a pool, fitness center, resident lounge and business center, and saunas.
AMLI acquired the complex, which surrounds a lake, in April for $103.5 million. Codina-Carr Residential sold what is now AMLI Doral, which is north of Dolphin Mall and east of the Florida Turnpike. Monthly rents for the one, two and three-bedroom apartments range from $1,670 to $2,265.
AMLI has been active in South Florida in 2015. The Chicago-based luxury apartment developer purchased a Midtown Miami development site for $55 million and with approval to build 700 units. It also paid in April $104.5 million for a 350-apartment community in Kendall.
Doral has seen an influx of new developments this cycle. Its urban transformation includes the addition of two mixed-use, master-planned communities: Downtown Doral, developed by Codina Partners, and CityPlace Doral, developed by the Related Group, Shoma Homes and Prudential. Sergio Pino’s Century Homebuilders Group is also planning a mixed-use development, Midtown Doral, a four-phase development near the corner of Northwest 107th Avenue and Northwest 74th Street.
Source: The Real Deal