Terra has successfully secured $291 million in permanent financing for the initial phase of its expansive Centro City mixed-use development in Miami-Dade County. This substantial funding will be allocated to pay off existing construction loans, marking a significant milestone for the 38-acre project.
Key Takeaways
- Terra has obtained $291 million in permanent financing for the first phase of Centro City in Miami.
- The financing includes a $187 million loan for the 470-unit apartment component and a $104 million loan for the 350,000-square-foot retail section.
- The project aims to transform an aging retail property into a modern mixed-use destination.
Financing Details
The newly secured financing comprises two distinct loans from separate lenders. JVP Management has provided a $187 million loan specifically for the 470-unit multifamily component of Phase One. Complementing this, Hudson Bay Capital has furnished a $104 million loan designated for the 350,000-square-foot retail portion of the development. These funds will be used to retire the construction financing previously provided by Apollo Global Management and Mack Real Estate Credit Strategies in 2022.
Project Vision and Amenities
Terra CEO David Martin highlighted the challenges overcome in completing the first phase, including navigating a complex financial environment and redeveloping an existing retail property. The residential component, designed by Arquitectonica, features apartment buildings along the property’s perimeter, complemented by courtyards, pool decks, and landscaped sidewalks. Market-rate apartments will offer studio to two-bedroom floor plans, ranging from 500 to 1,250 square feet. Residents will have access to a variety of common-area amenities, including pools, barbecue areas, a children’s playground, a dog park, and game rooms.
Strategic Location and Leasing
Situated at the corner of NW Seventh Street and NW 37th Avenue in West Little Havana, Centro City offers residents convenient access to major employment hubs such as Miami International Airport, the Coral Gables Business District, and the Blue Lagoon Office Complex. Its proximity to the 836 Expressway also provides easy access to Miami and the wider Southeast Florida region. The first phase of multifamily units is expected to welcome residents in March, while the retail component is already 95 percent leased.
Recent Developments
This financing follows Terra’s recent success in securing construction financing for its Upland Park project in Miami, another large-scale development featuring over 2,000 residential units, retail, and commercial spaces.