Partnership secures $ 65 million loan for Miami multi-family project

MIAMI, FL – Development partners Terra and New Valley have secured $ 64.8 million in construction funding for the development of the new 23-acre multi-family community, Natura Gardens, in northwest Miami County -Dade.

Cushman & Wakefield organized and secured financing from Bank OZK on behalf of the development team. The partners will use the loan see this website to finance the ongoing construction of apartment development.

The community, located along NW 170e St., between Interstate 75 and the Florida Toll Freeway, will feature 460 garden-style apartments in 12 three-story apartment buildings.

The multi-family properties will offer one, two and three bedroom units ranging in size from 727 square feet to 1,476 square feet. Units will feature expansive balconies, custom kitchen cabinets, built-in pantries, stainless steel appliances, built-in washers and dryers, walk-in closets, and en-suite bathrooms.

The two-story gated community clubhouse will feature a resort-style pool and spa, an indoor prep area and grill station, outdoor tiki areas with hammocks and lounge chairs, a multimedia room, games room, children’s playroom, lounge area with bar and kitchen, state-of-the-art fitness center with yoga, aerobics and spinning studios, business center with coworking spaces and a café-bar and a dog park.

Residents will also have access to a dedicated walking / running trail throughout the community.

Development began in February 2021 and is expected to be completed by the end of 2022. Vertical construction of the community will begin within the next 30 days.

The community is designed by Pascual, Perez, Kiliddjian Architecture, and the property’s clubhouse and model units were designed by tennis champion, Venus William design firm, V Starr Interiors.

“Our ability to secure favorable construction financing for Natura Gardens is a testament to the growing demand for rental housing at market rates in South Florida,” said David Martin, CEO of Terra. “We are seeing an influx of millennials, young professionals and new families looking for affordable residential options in suburban South Florida neighborhoods, particularly west of I-75, close to good schools and some of the region’s largest employer companies. ”

Source link

About Eleanor Blackburn

Check Also

Upscale Menlo Park hotel goes into foreclosure – East Bay Times

MENLO PARK – An upscale Menlo Park hotel whose owners had defaulted on a home …

Leave a Reply

Your email address will not be published. Required fields are marked *