A Miami-based bridge lender has issued $10 million for a Doral retail development as the suburban city keeps growing.

LV Lending, which issues commercial real estate loans, closed the construction financing to Boston-based developer Congress Group for the 36,149-square-foot Shops at Landmark on Dec. 6.

The retail development where Aldi, Bank of America, Vicky's Bakery and Banfield Pet Hospital are to open shop will be on 3.72 acres at 5875 NW 105th Court near Congress Group's 418-unit luxury apartment development called Landmark South. Another 213 units are to be added.

LV Lending is betting on the Doral development and population boom to fuel retail demand at The Shops at Landmark.

“We like the location because this developer owns … multifamily units right across the property, and they continue to develop more multifamily there so there is a lot of demand,” said Camilo Nino, LV Lending partner and managing director. There's “a big population in that part of Doral. There is 107th Avenue and 58th Street. We are pretty positive about the location and the demand for commercial retail.”

Nino worked on the financing with LV Lending partner Ricardo Uribe.

A Florida International University Metropolitan Center analysis of U.S. Census Bureau data showed Doral's population grew 26 percent to 58,000 in 2016 from 2010 — making it the fastest-growing big city in Florida and the 11th fastest in the U.S.

And more growth is on the way.

Landmark Doral includes both the Landmark South and the 479-townhouse and 480-apartment Landmark North. Avalon Doral will include an eight-story, 350-unit apartment building with two parks, one for dogs, and 80,000 square feet of retail. Two residential towers have been finished in Downtown Doral, where townhouses, hotel-condos and condominiums are to rise, according to an Oct. 1 Sun-Sentinel report. The development is expected to boost the city's population by 10,000 people in the next two years.

LV Lending issued the loan in part because The Shops at Landmark already secured tenants and because it has confidence in the Congress Group.

Like other LV Lending loans, the $10 million is bridge financing based largely on the value of the property pre- and post-construction.

The loan is 60 percent loan to value. It's a two-year, fixed-interest loan. Nino declined to disclose the rate. Congress Group has the option to pay interest only and pay the principal at the end of the term. The retail development is set for completion in early 2020.