Miami Market-Rate Development Lands $50M Loan
- Jan 15, 2020
The Latigo Group has obtained some $50 million in construction financing from 3650 REIT for the Center at Miami Gardens, a 259-unit multifamily development underway in Miami Gardens, Fla. The developer broke ground on the project in October, with Seawood Builders as contractor. The first units are slated for completion by the end of 2020.
Located at 19279 NW 27th Ave., the 10-acre development parcel is part of a larger, 17-acre mixed-use site. The market-rate community will consist of three seven-story buildings with floorplans averaging 736 square feet and a 5,500-square-foot clubhouse. Amenities include a pool, gym, play area and dog park.
The Center at Miami Gardens will be located near a Starbucks and a Walmart Supercenter one mile north of city center, within the area’s retail and entertainment corridor. The property is close to Florida’s Turnpike, with downtown Miami about 16 miles south.
According to a recent Yardi Matrix report, the Miami multifamily market had more than 29,000 units underway across the metro as of September. More than 16,000 units are expected to be delivered by the end of the year.