ACRE Secures $124M for Miami Mixed-Income Development
This community will add more than 330 units to an existing property.
ACRE has received a $123.8 million senior loan for the construction of Adela on the Park, a 337-unit community in Miami’s East Side neighborhood. Canyon Partners Real Estate provided the financing.
Adela on the Park is the second phase of a larger development, which began with the delivery of 236-unit community called Adela at MiMO Bay in 2020. That community was 94.9 percent occupied as of March 2026, Yardi Matrix shows.
The project will also include 6,000 square feet of ground-floor retail and 522 parking spaces. 20 units will be reserved for affordable housing, according to Yardi Matrix. Community amenities will include a rooftop pool, fitness center, clubroom and coworking space.
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Located at 6445 NE 7th Ave., Adela on the Park is adjacent to the Biscayne Bay and Legion Park. Interstate 95 is within 2 miles, while downtown Miami is about 6 miles south. Miami International Airport is some 8 miles west.
South Florida deliveries slow
Developers delivered 13,749 units across South Florida in 2025, according to a Yardi Matrix report. This figure that represents a 35.5 percent year-over-year decrease. Completions represented 3.5 percent of existing stock, 50 basis points above the national figure. All but 17 properties that came online were lifestyle assets, with the majority located in the Miami metro.
Miami’s pipeline, meanwhile, closed out 2025 on a robust note, as the area had 32,967 units under construction at the time, along with an additional 316,000 apartments in the planning and prospective stages.
Another Miami-area development to secure construction financing in April was Casa Cipriani, a luxury condo and hotel project in Miami Beach, Fla. A joint venture between 13th Floor Investments and Midtown Equities obtained a $105 million loan from BH3 Management to fund construction of the 19-story project.
