ACRE has secured a significant $123.8 million senior loan to construct Adela on the Park, a new 337-unit mixed-income residential community in Miami’s East Side neighborhood. This development marks the second phase of a larger project, building upon the success of the adjacent Adela at MiMO Bay, which opened in 2020.
Key Takeaways
- ACRE has obtained $123.8 million in financing for Adela on the Park, a 337-unit mixed-income development in Miami.
- The project will feature 20 affordable housing units, 6,000 square feet of retail space, and 522 parking spaces.
- Adela on the Park is the second phase of a larger development, following the successful Adela at MiMO Bay.
- The financing was provided by Canyon Partners Real Estate.
Adela On The Park Details
Adela on the Park will offer 337 residential units, with 20 of those designated for affordable housing. The development will also include 6,000 square feet of ground-floor retail space and 522 parking spaces. Residents will have access to a range of amenities, including a rooftop pool, a fitness center, a clubroom, and a coworking space.
The project is strategically located at 6445 NE 7th Ave., adjacent to Biscayne Bay and Legion Park. Its proximity to major transportation routes, including Interstate 95 (within 2 miles), downtown Miami (approximately 6 miles south), and Miami International Airport (about 8 miles west), enhances its appeal.
Context of South Florida Development
This financing comes at a time when South Florida is experiencing a slowdown in new residential deliveries. In 2025, the region saw a 35.5 percent year-over-year decrease in new units, with developers delivering 13,749 units. Despite this slowdown, Miami’s development pipeline remains robust, with 32,967 units under construction and an additional 316,000 apartments in planning or prospective stages.
Another notable Miami-area development that secured construction financing in April was Casa Cipriani, a luxury condo and hotel project in Miami Beach. A joint venture secured a $105 million loan for its construction.