Codina Partners inked a $38.8 million construction loan to add to its Downtown Doral mixed-use project. The company obtained the loan from Ocean Bank. The South Florida Business Journal reports that the loan matures in May 2027 and could be extended to May 2031.

Codina Partners said the loan will fund the third, and final, expansion of retail at Downtown Doral with another 25,000 square feet of new space along Northwest 87th Avenue. The project will break ground during the second quarter and should be completed in 2026.

The newly expanded retail will feature another 13,644 square feet that can be divided into up to nine tenant bays, with seven on the ground floor and two on the second floor.

Codina Partners will also break ground on the Sevilla Downtown Doral apartments, with 411 units in eight stories, within a month.