13th Floor Investments and Barings have officially broken ground on Crescendo, the final residential tower at Miami’s Link at Douglas transit-oriented development. This milestone is supported by a substantial $134 million construction loan, marking the culmination of a transformative project designed to integrate housing, retail, and transit.
Key Takeaways
- A $134 million construction loan has been secured for Crescendo, the final residential tower at Link at Douglas.
- The loan is financed by Santander Bank, TD Bank, and First Horizon Bank.
- Crescendo will add 392 multifamily units, bringing the total to over 1,500 units across four towers.
- The project is a significant transit-oriented development adjacent to the Douglas Road Metrorail Station.
Final Tower Secures Funding
13th Floor Investments, in partnership with Barings, has secured a $134 million construction loan to finance Crescendo, the fourth and final residential tower at the Link at Douglas development. This financing, led by Santander Bank with participation from TD Bank and First Horizon Bank, will facilitate the completion of this major mixed-use community.
Crescendo and Link at Douglas Overview
Crescendo, a 37-story tower, will feature 392 multifamily units and is slated for delivery in 2029. Its development marks the completion of the 7-acre Link at Douglas project, strategically located at the intersection of US-1 and Douglas Road, between Coral Gables and Coconut Grove. The development is situated directly adjacent to the Douglas Road Metrorail Station, emphasizing its transit-oriented nature.
The Link at Douglas project has already seen the successful delivery of its first phase in 2023, which included two fully leased residential towers, the Core (312 units) and Cascade (421 units), along with over 30,000 square feet of retail space anchored by Milam’s Market. The third residential tower, Cadence, with 432 units, is currently under construction and expected to be completed in 2028.
A Vision for Integrated Living
Daryl Shevin, Chief Financial Officer of 13th Floor Investments, highlighted the significance of Crescendo as the culmination of years of planning and partnership with Miami-Dade County. The project aims to create a vibrant community that seamlessly integrates housing, retail, and transit in a highly connected location.
Developed in collaboration with Miami-Dade County, Link at Douglas has transformed publicly owned land around the Douglas Road Metrorail Station. The development team invested over $17 million in public infrastructure improvements, including a renovation of the Metrorail station and the creation of a public plaza connecting to The Underline linear park.
Barings has been a key capital partner since the project’s inception in 2019. Chris Cassella, Managing Director at Barings, expressed pride in continuing the partnership and bringing the final piece of this thoughtfully executed vision to life.
Expanding Transit-Oriented Development
The completion of Link at Douglas aligns with 13th Floor Investments’ broader strategy for transit-oriented development across South Florida. The firm is also developing Link at Boca near the Boca Raton Tri-Rail Station and plans for Link at SoMi, a multifamily community near the South Miami Metrorail Station.
Since its founding in 2008, 13th Floor Investments has delivered over 4,700 residential units in South Florida and has more than 4,800 units in development or under construction, focusing on luxury residential, mixed-use multifamily, industrial, and single-family homebuilding.