Developers Wrangle $127M Refi for Miami Community
An affiliate of MF1 Capital provided the loan.
Terra and development partner New Valley have landed a major refinancing for their market-rate community in northwestern Miami-Dade County, Fla. The duo secured a $127 million permanent financing for their Natura Gardens development. Walker & Dunlop’s Keith Kurland, Aaron Appel, Jon Schwartz, Adam Schwartz and Michael Diaz arranged the loan, which was issued by an affiliate of MF1 Capital.
According to Terra, the refinancing loan will be used to pay off and refinance an existing $65 million construction loan that was provided in 2021 by Bank OZK. David Martin, CEO of Terra, said in prepared remarks that the refinancing highlighted the leasing success at Natura Gardens and the growing demand for market-rate rental housing in the area. According to Terra, Natura Gardens is more than 97 percent leased.
Completed in the summer of 2023, Natura Gardens offers 460 units in one-, two- and three-bedroom units ranging from 727 to 1,603 square feet. The units were built with kitchen islands, stainless steel appliances, walk-in closets, balconies and full-size washers and dryers. The community’s amenities include a two-story clubhouse, pool, spa, community kitchen, outdoor tiki hut area, media room, billiards room, children’s room, lounge, fitness center, business center, dog park and green spaces.
Located on NW 170th Street, the community is located between Interstate 75 and Florida’s Turnpike, providing residents with quick commutes to the area’s major employers, which include Boeing, Royal Caribbean International, Preferred Freezer Services and The Home Depot. Residents will also soon be able to take advantage of the nearby planned American Dream retail and entertainment complex that’s expected to open in late 2026.
South Florida pipeline
Natura Gardens is one of Miami-based Terra’s latest developments in southern Florida. Since its 2001 founding, Terra has developed more than five million square feet of residential, commercial and mixed-use projects. The firm’s portfolio of completed communities includes its transit-oriented community called Grove Central in Coconut Grove, Fla., along with its Pines Garden at City Center garden-style apartment community in Pembroke Pines, Fla.
Looking ahead, Terra is developing several other projects across the Miami metro. The firm is working on CentroCity, which is expected to add up to 1,200 apartments to Miami-Dade County, and Upland Park, which is slated to add up to 1,700 units as part of a mixed-use transit-oriented project. In October, the firm broke ground on THE WELL Bay Harbor Islands that will total 54 condominiums located throughout an eight-story residential building. The condo project is expected to be completed in the second quarter of 2025.