Terra Group has secured a $245 million bridge loan from SCALE Lending to refinance existing construction debt, finish the first phase of Upland Park and support its lease-up. The six-building development is taking shape in Sweetwater as part of a planned $1 billion transit-oriented community designed to reshape West Miami-Dade’s housing and commercial landscape.
Key takeaways
- The floating-rate loan will refinance SCALE’s December 2024 construction financing.
- Construction on Upland Park Phase 1A is expected to finish by October 2026.
- The financing extends through September 2027, with two six-month extension options.
- Phase 1A will include 578 apartments, a clubhouse and 1,041 parking spaces.
- The broader 47-acre project will combine housing, retail, hospitality, office and transit facilities.
Financing supports completion and lease-up
SCALE Lending, the real estate debt platform of Slate Property Group, provided the bridge financing to Terra Group, led by David Martin. The proceeds are intended to repay the existing construction loan, complete the ground-up development and fund the initial leasing period.
The loan is structured at a floating interest rate and runs through September 2027. The extension options give Terra additional time to stabilize the property if construction or lease-up schedules change.
First phase brings hundreds of apartments
Upland Park Phase 1A will deliver 578 rental units across five residential buildings, with layouts ranging from studios to three-bedroom apartments. Planned features include in-unit laundry, select private terraces, swimming pools, lake access, pickleball courts, a dog park, bike storage and electric-vehicle charging.
The community’s clubhouse is planned to include fitness facilities, social lounges, a business center, a theater and a children’s playroom. Greystar is overseeing leasing and will manage the property; leasing was scheduled to begin in April 2026.
Transit-oriented plan targets West Miami-Dade growth
Upland Park is being developed on the former Dolphin Park-and-Ride and Transit Terminal site. The 47-acre master plan is intended to become a multimodal hub and support the East-West Corridor associated with Miami-Dade County’s SMART transportation program.
Once fully developed, the project is planned to include more than 2,000 multifamily apartments, a 126-room hotel, approximately 282,000 square feet of retail and about 414,000 square feet of commercial space, including Class A offices. The development is designed by PPK Architects, with Arquitectonica handling master planning and Plusurbia Design contributing urban-planning expertise.
SCALE expands recent lending activity
The Upland Park loan adds to SCALE’s recent deal flow, which the lender said includes more than $600 million in closings over the past year. Recent transactions cited by the firm include a $460 million facility for two multifamily towers in downtown Miami and a $108 million construction loan for a New York City office project.
For Terra, the financing advances one of its largest mixed-use initiatives. The South Florida developer has assembled a portfolio exceeding five million square feet and valued at more than $8 billion across residential, commercial, hospitality and other property sectors.