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Reading: Coral Rock Scores $54M Loan for Miami-Area Project
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Our Beautiful House > Blog > Real Estate > Coral Rock Scores $54M Loan for Miami-Area Project
Real Estate

Coral Rock Scores $54M Loan for Miami-Area Project

Last updated: 2022/11/03 at 8:27 AM
By Stefan #TheListingBroker - Real Estate
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The construction financing will help bring 260 residential units to Pura Vida Hialeah, a nine-acre mixed-use development.

Coral Rock Development Group has secured $53.5 million in construction financing for the residential segment of Pura Vida Hialeah, a nine-acre mixed-use project in Hialeah, Fla. Principal Real Estate Investors acted as the lender.

The residential development will comprise three eight-story towers offering a total of 260 units, ranging from studio to three-bedroom layouts. Planned amenities include a swimming pool, dog park, biking center and BBQ area. Completion is scheduled for 2022, with KAST Construction serving as general contractor. 



The property will also feature about 11,000 square feet of ground-floor retail and three separate outparcels for roughly 40,000 square feet of commercial space. The retail portion currently houses a Dollar Tree store. Future tenants will include InnovaCare Health, a Wawa convenience store and Taco Bell, among others.

Located at 3051 W 16th Avenue, Pura Vida is 10 miles from Miami International Airport. The surrounding area has several retail and dining options, including Miracle Mile Shopping Center, which is within walking distance of the asset.

In September, Principal Real Estate Investors and partner Optima opened the second tower of a $500 million project in Scottsdale, Ariz.


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Credit: multihousingnews

Stefan #TheListingBroker - Real Estate October 13, 2020
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By Stefan #TheListingBroker - Real Estate
Stefan is a Real Estate Broker and REALTOR® with over 8 years of professional experience. Prior to starting his real estate career, Stefan spent 11 years as a foreclosure defense and divorce attorney (quite a combo, huh)? Conducting a real estate business with a a diverse legal background has allowed him to gain unique experiences that make him a well-rounded resource for his clients. Stefan is a proud Florida State University alumni, having earthed his bachelor’s degree in Management, prior to attending law school.
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