MIAMI—Related Group just inked a monster loan. The iconic commercial real estate developer just closed on $136.88 million in financing from Regions Bank.

Related will use the proceeds from the loan to construct the Arquitectonica-designed phase of CityPlace Doral. The mixed-use project will have 304 multifamily units atop 250,000 square feet of lifestyle retail. CityPlace Doral is over 60% pre-leased.

“This will be a game changer for Doral,” says Steve Patterson, president of Related Development. “Now that the anchor space and most of the F&B is spoken for, we will focus our leasing efforts on the fashion and soft goods tenants.”

A master-planned retail, entertainment and residential complex, CityPlace Doral features Fresh Market, Cinebistro Theater, Kings Bowling, and over 30 other restaurants and retail shops. This phase brings the number of residences to 800-plus units.

Related is venturing the project with Prudential and Shoma Homes. Related Urban out of New York is handling the leasing, tenant coordination and management of the retail component.

Related is among many developers active in Doral. Doral Commons, Terra Group's new 140,000 square-foot retail center in Doral is already 90% leased. Tenants include Publix, Citibank, GNC, AT&T Wireless, McDonald's, and TJ Maxx.

“The world looks at Miami and sees high-rises, but Terra is seeing rising demand for residential and commercial product in low-density neighborhoods like Coconut Grove, North Beach, Doral, Weston and Pembroke Pines,” David Martin, president and co-founder of Terra, tells GlobeSt.com. “Sales volume is steady at our urban residential developments—Park Grove and Eighty Seven Park—and we're sold-out at Grove at Grand Bay and Glass in Miami Beach. We are experiencing similar activity in suburban communities like Botaniko in Weston, and Modern and Neovita in Doral.”

As for the Related-Prudential-Shoma project, Suffolk Construction is building CityPlace Doral. The first phase is set to open in November of 2016.