Codina Partners scored a $124 million refinancing for a pair of Downtown Doral apartment towers, using part of the capital to buy out Invesco’s stake in one of the buildings.
Coral Gables-based Codina landed the $124 million refinancing, which replaces an existing $92.8 million loan and increases it by $31.2 million, according to records. The entire loan package is for the 19-story, 231-unit Palma Tower One at 5250 Northwest 84th Avenue, as well as the 20-story, 228-unit Palma Tower Two at 5225 Northwest 85th Avenue in Doral.
The lender is Guardian Life Insurance Company of America, in the care of HPS Investment Partners, records show. The refinancing closed late last month.
It allows Codina to purchase the stake Atlanta-based Invesco held in Palma Tower One, according to a Codina news release. Codina, led by father-daughter duo Armando Codina and Ana-Marie Codina, already was the sole owner of Palma Tower Two.
Codina was the lead developer of the 250-acre mixed-use Downtown Doral. Palma Tower One was completed in 2019, and the second tower followed in 2023, according to records.
South Florida has experienced a flurry of refinancings, defying expectations that activity would slow down amid elevated interest rates. Last month, the Whitman family landed a mammoth $740 million refinancing for its high-end Bal Harbour Shops at 9700 Collins Avenue in Bal Harbour. In Pompano Beach, Grover Corlew secured a $114.4 million refinancing last month for its newly built 355-unit Mayla Pompano complex at 11 Northeast 24th Avenue.