MIAMI—The capital is flowing for luxury residences in Miami.Alta Developers and Terra Groupjust closed on a $26 million loan. BCI Bank loanedthe Miami-based developers the cash to build Neovita Doral, atownhouse and single-family home community in Doral.
“The loan is testament to the strength of Neovita Doral and thetransformation of Doral into one of the most sought-after cities inSouth Florida,” says Raimundo Onetto, principal ofAlta. Site work at the 32-acre development is set to begin laterthis month.
Doral has been recognized around the world as one of most elitecommunities in Miami due to its cultural amenities, businessdevelopment philosophies, and highly educated workforce. NeovitaDoral's first phase of construction is slated for completion in thethird quarter of 2015.
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