MIAMI—The capital is flowing for luxury residences in Miami. Alta Developers and Terra Group just closed on a $26 million loan. BCI Bank loaned the Miami-based developers the cash to build Neovita Doral, a townhouse and single-family home community in Doral.

“The loan is testament to the strength of Neovita Doral and the transformation of Doral into one of the most sought-after cities in South Florida,” says Raimundo Onetto, principal of Alta. Site work at the 32-acre development is set to begin later this month.

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