Terra Secures $245M for Miami Project
The note backs the recently delivered first phase of the $1 billion development.
Terra Group has secured a $245 million loan for a recently completed 578-unit multifamily property in Miami. The community is the first phase of Upland Park, the developer’s $1 billion mixed-use project that also includes retail, commercial and hospitality spaces across a 47-acre site.
Upland Park is a transit-oriented development that will include more than 1,700 residences, a 126-key hotel, as well as retail and commercial space. All images courtesy of Terra Group 
Community amenities include a swimming pool, a clubhouse and gathering areas, among others. 
Interiors feature Italian cabinetry and vinyl-tile flooring.
Slate Property Group provided the note. In 2024, the same lender issued a $170 million construction loan for the same phase of the project.
PPK Architects designed Upland Park’s first phase, in collaboration with Arquitectonica, which serves as the master-plan architect. BCC Engineering serves as civil engineer and Plusurbia Design as urban planner.
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The community includes studio and one- to three-bedroom units, including select layouts with dens. Apartments range from roughly 700 square feet to 1,528 square feet.
Amenities comprise a resort-style swimming pool, a children’s pool, a clubhouse, a playground space, a dog park, pickleball courts, outdoor grilling spots and gathering areas. The community also features a game lawn, landscaped green spaces overlooking a lake, bike storage, EV charging stations and roughly 650 car parking spaces.
Part of a $1 billion project
The result of a public-private partnership between Terra and Miami-Dade County, Upland Park is integrated within the Dolphin Station Park multimodal transit terminal and the county’s planned East-West Corridor under the SMART Program, which calls for expanded bus rapid transit service across Western Miami-Dade.
At full build-out, Upland Park will include more than 1,700 residences, 140,000 square feet of retail space, 427,000 square feet of commercial space and a 126-key hotel, with more apartments and retail spaces to be added later on. The 484-unit second phase is expected to break ground later this year.
The campus is rising at 1455 NW 121st Ave. The transit-oriented property is near the intersection of Florida’s Turnpike and State Road 836, providing connections to Doral, Fla., downtown Miami, Brickell and Coral Gables, Fla. Dolphin Mall and Florida International University are also nearby, while Miami International Airport is 10 miles away.
Capital flows: from construction to stabilization
Lenders have remained active across South Florida in the first seven months of the year, providing capital for both new apartment construction and completed communities.
In July, S3 Capital originated a $111 million construction loan for Sense 22, a 328-unit project in Miami’s Edgewater neighborhood. Argentina-based HA Emprendimientos broke ground in March, with completion estimated for 2028.
The same month, Stewards Inc. refinanced 1818 Park, a 273-unit luxury community in Hollywood, Fla. Värde Partners originated the senior debt, while CCL Capital provided a mezzanine loan.
Another completed multifamily project that attracted a sizable financing package in July was Baron Property Group’s Metro Parc, a 559-unit community in Hialeah, Fla. Yellowstone Real Estate provided a $101.5 million preferred equity investment and Madison Realty Capital issued $125 million in senior financing.
