Baron Property Group has secured $226.5 million in refinancing for Metro Parc, a 559-unit mixed-use rental community in Hialeah. The financing replaces the project’s construction loan and provides a bridge to permanent financing as the recently completed development approaches 50 percent leased and its second phase rises nearby.
Key takeaways
- Madison Realty Capital provided $125 million in senior financing.
- Yellowstone Real Estate supplied $101.5 million in preferred equity.
- Metro Parc includes 559 apartments and more than 15,000 square feet of retail space.
- The development is the first phase of a planned 2.3-million-square-foot mixed-use district.
- A 661-unit second phase, Metro Parc North, is scheduled for completion in late 2027.
The refinancing gives Baron Property Group additional time to lease the property and transition the project toward long-term financing. Madison Realty Capital and Yellowstone Real Estate provided the package, which replaces a $148 million construction loan from Post Road Group.
Financing supports leasing and long-term plans
The capital stack consists of $125 million in senior financing from Madison Realty Capital and a $101.5 million preferred equity investment from Yellowstone Real Estate. HKS Real Estate Advisors and DIA Capital Group advised Baron Property Group, while Ben Suky of Bensco arranged the financing.
Baron President and Founder Matthew Baron said the transaction would allow the company to build on Metro Parc’s leasing progress while continuing its broader plans for Hialeah. Madison Realty Capital Managing Principal and Co-Founder Josh Zegen characterized the project as a well-connected, high-quality multifamily development in a growing South Florida submarket.
Metro Parc brings housing and retail near transit
Designed by Modis Architects, Metro Parc consists of two 10-story towers delivered in 2025. The community offers studio, one-bedroom, and two-bedroom apartments, with amenities including a swimming pool and private cabanas, an outdoor courtyard with grills, a fitness center, coworking areas, bicycle storage, parking, and 24-hour concierge service.
The development’s ground-floor retail component spans more than 15,000 square feet. Mr. Baker, a Cuban bakery with nine Miami-area locations, is expected to open a 1,760-square-foot location later this year and serve as the retail anchor.
Second phase expands the development district
Construction is advancing immediately north of Metro Parc on Metro Parc North, a 661-unit residential building at 955 East 26th Street. Also designed by Modis Architects, the second phase topped out earlier this year and is scheduled for completion in late 2027.
Together, Metro Parc and Metro Parc North represent more than two million square feet of development near the Hialeah Metrorail and Tri-Rail transfer stations, as well as Hialeah Hospital. The projects form the opening phases of a larger 2.3-million-square-foot mixed-use vision centered on the area’s transit connections.