Terra Closes on $127 Million Refinancing Loan for Natura Gardens Development

Terra and New Valley, the development partners behind Natura Gardens, a new multifamily community in Northwest Miami-Dade County, have secured $127 million in permanent financing for the development. The loan, issued by an affiliate of MF1 Capital, will be used to pay off and refinance an existing $65 million construction loan, which was provided in 2021 by Bank OZK. Completed in Summer 2023, Natura Gardens includes 460 garden-style rental apartments across 23-acres in Miami’s West Hialeah neighborhood.

At more than 97% leased, Natura Gardens’ one- to three-bedroom apartments measure between 727 and 1,603 square feet in size, with rental rates ranging from approximately $2,000 to $3,350 per month.

“Our ability to refinance Natura Gardens reflects the leasing success we’ve experienced at the property as well as the increasing demand for market-rate rental housing in the West Hialeah area,” said David Martin, CEO of Terra. “Natura Gardens continues to fulfill an unmet need for quality suburban living for thousands of working families seeking to minimize their daily commutes.”

Walker & Dunlop’s New York Capital Markets team, led by Keith Kurland, Aaron Appel, Jon Schwartz, Adam Schwartz, and Michael Diaz arranged the loan proceeds to refinance the existing construction loan of Natura Gardens.

Situated along NW 170th Street between I-75 and Florida’s Turnpike, Natura Gardens is located immediately south of the planned American Dream retail and entertainment complex, and a short drive from several large employers, including Boeing, Royal Caribbean International, Preferred Freezer Services, and The Home Depot.

Natura Gardens was designed by Pascual, Perez, Kiliddjian Architecture (PPK), with the development’s clubhouse and model units imagined by tennis champion Venus Williams’ design firm V Starr Interiors.

 Apartments have high-end finishes and fixtures, expansive balconies, custom shaker-style kitchen cabinetry, spacious built-in pantries, kitchen islands with breakfast areas, stainless steel appliances, full-size washer and dryers, spacious living and dining rooms, walk-in closets, and en-suite bathrooms.

Amenities at the gated community include a two-story clubhouse with a resort-style pool and spa; a covered kitchen prep area and grilling station, sink and refrigerator; outdoor tiki hut areas with hammocks, tables and umbrellas, and lounge chairs on comfortable beach sand; a media room, billiards and children’s playroom; a sophisticated lounge with a bar and kitchen; a state-of-the-art fitness center with yoga, aerobics and spinning studios; a business center with co-working spaces and a coffee bar; a children’s tot-lot with recreational equipment and electronic car charging stations, and a residents-only dog park.

Inspired by the area’s natural surroundings, the community features lush landscaping, open lawns, lakes and preserves. Residents also have access to lush, green spaces with sitting areas and mobile device charging stations throughout the entire community.

Natura Gardens is the latest among Terra’s portfolio of newly completed multifamily developments across South Florida, which includes Grove Central, a transit-oriented mixed-use development with residential and retail uses in Coconut Grove; and Pines Garden at City Center, a garden-apartment community in Broward County’s City of Pembroke Pines. Terra is also currently developing CentroCity, which will include up to 1,200 apartments as part of a larger 38-acre mixed use development in central Miami-Dade County, just west of Little Havana; and Upland Park, which will include up to 1,700 apartments as part of a 47-acre mixed use transit-oriented development at the Miami-Dade County Dolphin Park-and-Ride Station.

Codina Partners Launches Leasing For Beacon Logistics Park In Hialeah

Codina Partners a distinguished real estate development, management and investment firm, has launched leasing for the newest logistics and distribution built-to-suit park in South Florida, Beacon Logistics Park. It is located at Northwest 145th Place and NW 107th Avenue. The master-planned industrial development is located in close proximity to the Florida Turnpike, the Palmetto Expressway and I-75, providing easy access to all of Miami-Dade County and Broward County. Beacon Logistics Park will have more than 1.3 million square feet of space, giving tenants the adaptability to expand. The first phase of the Class A distribution park is Building F, which will be 147,768 square feet, with units available from 17,280 square feet and up. The building will feature a non-shared truck court, a building depth of 160 feet with a 60 foot speed bay to accommodate tenants needs.

“Tenants at Beacon Logistics Park will not only reap the benefits of the property being developed and managed by the seasoned team at Codina Partners, but they will also be located in a prime area with a growing population of skilled talent and quick access to Miami International Airport, PortMiami, and Port Everglades,” said Jose Juncadella SIOR, Principal at Fairchild Partners, leasing agents for Beacon Logistics Park.

Article by Stephanie Warren

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American Dream Miami Approved To Bring America's Largest Mall To Miami-Dade

American Dream Miami has been approved for Miami-Dade and will become America's largest shopping mall. The project is expected to cost over $4 billion and will include 1.5 million SF of entertainment and amusement, over 2,000 hotel rooms, an entertainment complex, as well as another 3.5 million SF of retail. The amusement and entertainment section will include a ski slope, indoor water park, indoor roller coaster and a submarine ride. American Dream Miami will be located on a 175-acre triangle of wetlands and pastures at the unincorporated junction of I-75 and Florida's Turnpike near Hialeah. The project expects over 30 million visitors per year and the developers aim to generate interest by attracting people to the entertainment component to help drive the retail component.

American Dream Miami is being developed by Triple Five Group, the developers behind Mall of America in Minnesota and American Dream Meadowlands in New Jersey. The American Dream Miami proposal gained scrutiny from commercial developers such as Simon Property Group, General Growth Properties and Tubman Centers, who have created an opposition called the South Florida Taxpayers Alliance and aim to stop public funds from being contributed to the development of American Dream Miami.

In May 2017 American Dream Miami received its zoning approvals from Miami-Dade County commissioners but must complete environmental permitting before the developers can break ground. American Dream Miami's expected completion and opening is 2022.