Baron Property Group Secures $227M Refi for Florida Project
Yellowstone Real Estate and Madison Realty Capital provided the capital.
Baron Property Group has refinanced and recapitalized Metro Parc, a 559-unit, Class A residential mixed-use property in Hialeah, Fla., with a $226.5 million refinancing package while lease-up continues at the recently completed asset. The project is nearly 50 percent leased.
Yellowstone Real Estate provided a $101.5 million preferred equity investment in the asset. Madison Realty Capital provided $125 million in senior financing. The financing replaces the project’s $148 million construction loan secured in September 2022 from Post Road Group.
Ben Suky, founder and principal of Bensco, arranged the new financing. HKS Real Estate Advisors and DIA Capital Group served as advisors to BPG for the deal.
Closer look at Metro Parc
Designed by Modis Architects, Metro Parc is the first phase of BPG’s 2.3 million-square-foot mixed-use, master-planned development in Hialeah. The community, which has two 10-story towers, features studio, one- and two-bedroom residences ranging in size from 500 to 800 square feet. The apartments have open-concept floorplans with large windows and closets, 11-foot ceilings, vinyl wood flooring, stainless steel appliances and in-unit washers and dryers.
Community amenities include a pool with private cabanas, outdoor courtyard with grills, fitness center, coworking space, 24-hour concierge, bike storage, bike service and parking.
Metro Parc has more than 15,000 square feet of retail space that will be anchored by Mr. Baker, a Cuban bakery with nine locations throughout Miami that is slated to open later this year. More shopping, dining and entertainment options are within a 1-mile radius.
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The transit-oriented development is a short walk from the Metrorail and Tri-Rail transfer stations. Residents can reach the Health District within 15 minutes, downtown Miami within 20 minutes and the Brickell financial district within 25 minutes via Metrorail. Metro Parc is less than a half-mile from Hialeah Hospital and about 3 miles from Amelia Earhart Park. Miami International Airport is about 4 miles away.
Metro Parc North underway
BPG has already started construction on Metro Parc North, the 661-unit second phase of its Hialeah development. In March 2025, the firm secured $205 million in construction financing from Post Road Group for the development that is expected to deliver in late 2027.
Modis Architects is also designing Metro Parc North, which will offer a mix of studios, one-, two- and three-bedroom units, and approximately 2,000 square feet of ground-floor retail. The residences will feature open-concept floorplans, stainless steel appliances, in-unit washers and dryers and private balconies.
Community amenities will include a pool with cabanas, multi-purpose clubroom, coworking space, bike storage, pet grooming station and parking.
Focusing on South Florida and NYC
Founded in 2021, BPG is a national residential and commercial development and investment company with a focus on New York City and South Florida markets. The firm has a development pipeline totaling nearly 4 million square feet and more than 3,600 residential units, valued at more than $2 billion.
BPG is teaming up with LargaVista to develop a 46-story, mixed-use residential skyscraper at 30-25 Queens Blvd. in the Long Island City section of Queens, N.Y. The development will have 561 units, including 169 affordable apartments, and about 21,000 square feet of retail space. The partners secured $388.5 million in construction last July from Starwood Capital Group, Gotham Organization and Blackstone Real Estate Debt Strategies for the development. It is slated for completion in 2028.
BPG and LargaVista previously developed The Park Overture, a 92-unit luxury apartment community in Manhattan’s Washington Heights neighborhood. Located at the intersection of Broadway and Nagle Avenue, the property overlooks the 67-acre Fort Tryon Park.
