Baron Property Group has successfully finalized a $226.5 million refinancing package for Metro Parc, a 559-unit Class A residential development in Hialeah, Florida. This significant capital injection replaces a previous construction loan and supports the ongoing lease-up of the transit-oriented community as it continues to attract new residents to the area.
Key takeaways
- The financing package includes $125 million in senior debt from Madison Realty Capital and $101.5 million in preferred equity from Yellowstone Real Estate.
- Metro Parc is currently nearly 50 percent leased.
- The property serves as the first phase of a larger 2.3 million-square-foot master-planned development.
Financial restructuring
The new financing replaces a $148 million construction loan originally provided by Post Road Group in 2022. The deal was orchestrated by Ben Suky of Bensco, with HKS Real Estate Advisors and DIA Capital Group serving as key advisors. This recapitalization marks a major milestone for the project, providing financial stability as the asset moves through its stabilization phase and continues to welcome new tenants.
Amenities and location
Designed by Modis Architects, Metro Parc features two 10-story towers with residences ranging from 500 to 800 square feet. The units include modern finishes like stainless steel appliances, 11-foot ceilings, and vinyl wood flooring. Residents also enjoy a variety of amenities, including a fitness center, coworking space, and a pool with private cabanas. Its location offers excellent connectivity, with proximity to the Metrorail and Tri-Rail stations, allowing for easy access to downtown Miami, the Brickell financial district, and the Health District.
Future development plans
Baron Property Group is already looking ahead with the construction of Metro Parc North, the second phase of the Hialeah development. This expansion will add 661 units and is expected to be completed in late 2027. The firm continues to expand its footprint in South Florida and New York City, with a total development pipeline exceeding 3,600 residential units valued at over $2 billion.