Terra Secures $187M for Miami Project’s Apartment Component
The loans will pay off construction financing for this new mixed-use development.
Terra has secured $291 million in permanent financing for the first phase of Centro City in Miami-Dade County. The 38-acre, newly-completed mixed use development benefits from two loans from separate lenders which will be used to pay off the development’s existing construction financing. Apollo Global Management and Mack Real Estate Credit Strategies previously provided that financing in 2022.
The newly landed financing consists of a $187 million loan issued by JVP Management for Phase One’s 470-unit multifamily component. The other part of the financing package is a $104 million loan furnished by Hudson Bay Capital for the 350,000-square-foot retail section of the development.
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“Completing Centro City’s first phase required overcoming challenges, including navigating a complex financing landscape amidst shifting economic conditions and transforming an aging retail property into a state-of-the-art mixed-use destination,” Terra CEO David Martin told Multi-Housing News. “Terra tackled these hurdles through strategic partnerships with financial leaders and a meticulous approach to redevelopment, ensuring seamless coordination across the 38-acre site.”
Centro City’s residential component
As envisioned by architect of record Arquitectonica, the residential component features apartment buildings along the perimeter of the property. Centro City’s edge will feature a series of courtyards, pool decks and landscaped sidewalks.
Market-rate apartments will range from studio to two-bedroom floorplans measuring from 500 to 1,250 square feet. In addition to pools, common-area amenities will include barbecue grill areas, a children’s playground, a dog park, game rooms and more.
Located on the corner of NW Seventh Street and NW 37th Avenue in West Little Havana, Centro City will place residents near Magic City’s large job hubs. These include Miami International Airport, Coral Gables Business District and Blue Lagoon Office Complex. In addition, residents will be two blocks from the 836 Expressway, giving them access to Miami, its environs and Southeast Florida.
The first phase of multifamily in Centro City is anticipated to welcome its residents in March. The retail component of Centro City is currently 95 percent leased.
Last month, Terra made headlines when it landed construction financing for its Upland Park project in Miami. In addition to more than 2,000 residential units, the 47-acre multi-phase development will include about 282,000 square feet of retail and approximately 414,000 square feet of commercial space.
