MIAMI—Ram Realty Services just closed on 80acres of land and inked a $120 million financing deal for theinitial phase of a mixed-use development project in Miami. Theproject calls for 900 multifamily units and300,000 square feet of retail as part of acommunity dubbed Coral Reef.

The first phase will see 408 luxury multifamilyunits and 250,000 square feet of retail andrestaurants come online. Wells Fargo is providingfinancing for this $120 million initial phase. Ram says the projectwill ultimately growing to 125 acres.

Ram plans to break ground on the multifamilyproject within weeks. Mareas at Coral Reef will offer 408apartments on 18 acres of land. Amenities include a swimming pool,volleyball courts, playground facilities, a dog park, and avegetable garden. The remaining 192 multifamilyunits are scheduled for phase two. A separate community, across thestreet from Mareas and yet unnamed, will offer an additional 300multifamily units in a future development.