13th Floor Investments and Barings Break Ground on Final Phase of Miami's Link at Douglas Transit-Oriented Development with $134 Million Construction Loan

13th Floor Investments, in partnership with Barings, has secured a $134 million construction loan to finance the development of Crescendo, the fourth and final residential tower at Link at Douglas, one of Miami’s largest and most transformative transit-oriented communities. The construction financing is led by Santander Bank in partnership with TD Bank and First Horizon Bank. Located at 3070 SW 37th Avenue adjacent to Miami-Dade County's Douglas Road Metrorail Station, Crescendo will include 392 multifamily units and complete the 7-acre Link at Douglas mixed-use community, strategically positioned at the intersection of US-1 and Douglas Road between Coral Gables and Coconut Grove. Now under construction, the 37-story tower is expected to deliver in 2029.

Link at Douglas' first phase, which delivered in 2023, introduced two fully leased residential towers totaling 733 apartments, the 312-unit Core and 421-unit Cascade buildings, along with more than 30,000 square feet of retail space anchored by Milam's Market. The project's third residential tower, the 432-unit Cadence building, is currently under construction and expected to deliver in 2028. With the addition of Crescendo, Link at Douglas will encompass more than 1,500 residential units across four towers, fully realizing a long-term vision for a dynamic mixed-use community integrated with one of Miami-Dade County's most important transit hubs.

"Crescendo is far more than the final tower at Link at Douglas," said Daryl Shevin, Chief Financial Officer of 13th Floor Investments. "It represents the culmination of years of planning, investment, and partnership with Miami-Dade County to create a community that brings housing, retail, and transit together in one of Miami's most connected locations."

Developed in collaboration with Miami-Dade County and its Department of Transportation and Public Works, Link at Douglas has transformed publicly owned land surrounding the Douglas Road Metrorail Station into a mixed-use community that integrates housing, retail, and transit. As part of the original agreement, the development team invested more than $17 million in public infrastructure improvements, including a complete renovation of the Metrorail station and the creation of a public plaza connecting directly to The Underline linear park.

Barings has partnered with 13th Floor Investments on the development since breaking ground on Link at Douglas’ first residential tower in 2019 and has remained a key capital partner throughout the community's multi-phase evolution.

“We're proud to continue our partnership with 13th Floor Investments at Link at Douglas as the project enters its final phase,” said Chris Cassella, Managing Director at Barings. “Crescendo is the realization of a thoughtfully executed vision in one of Miami's most connected locations, and we're pleased to help bring the final piece of the community to life.”

The completion of Link at Douglas further advances 13th Floor Investments' transit-oriented development strategy across South Florida. The firm recently broke ground on Link at Boca, a mixed-use development adjacent to Boca Raton's Tri-Rail Station that will deliver 340 residential units and 24,000 square feet of retail space. The firm also plans to develop Link at SoMi, a two tower 670-unit multifamily community adjacent to the South Miami Metrorail Station that emphasizes walkable design and urban living near major employment and education hubs.

Since its founding in 2008, 13th Floor Investments has delivered more than 4,700 residential units across South Florida and currently has more than 4,800 units in development or under construction. Today, the firm is focused on the development of luxury residential and mixed-use multifamily communities, growing its industrial portfolio, and expanding its single-family homebuilding business, 13th Floor Homes.

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Lerner Acquires Motion at Dadeland High-Rise Multifamily For $114 Million

The Maryland-based Lerner Enterprises has acquired Motion at Dadeland for $114 million from the development partnership of 13th Floor Investments, Adler Group and Barings. Lerner received a loan from capital managed by KKR to finance the acquisition. Newmark's South Florida office led by Avery Klann exclusively represented the seller, while JLL's Rob Carey (Washington, DC office) and Ted Taylor (South Florida office) along with Newmark's Debt and Structured Finance team of Kassi Saridakis (Washington, DC office) and Matt Williams (South Florida office) advised Lerner on the transaction.

Motion at Dadeland is a 25-story class A+ multifamily high-rise community comprised of 294 market-rate apartments and 8,246 SF of amenity-based retail, including a preschool slated to open Q4 2021. The building is located at 8400 S. Dixie Highway, adjacent to Dadeland North Metrorail Station in Miami, Florida. Lerner will also be the property and asset manager of Motion at Dadeland.

"We are excited to own and manage a market-leading asset and provide increased value to our residents in Florida," said Melissa Balkin, Managing Director, Lerner Residential Florida.

Founded in 1952, Lerner is a developer, owner and manager of office, multifamily, retail and hospitality assets primarily in the greater Washington, DC region but also in other markets such as New York City and Florida. Lerner is also the owner of the Washington Nationals Baseball Club, the 2019 World Series Champions. Lerner's expertise in the Florida markets began with the Nationals' 160-acre training facility at The Ballpark of the Palm Beaches in West Palm Beach.

"We are thrilled to add to our Florida portfolio with the acquisition of Motion at Dadeland. Lerner is aggressively pursuing multi-family assets across Florida, focused primarily on the tri-county regions of Palm Beach, Broward and Miami-Dade counties. Motion will be a cornerstore asset in our portfolio for many years and we are pleased to complete our first transaction with KKR as a lender," reported Michael L. Cohen, Vice President of Investments at Lerner.

Motion at Dadeland, a transit-oriented development, is located within a ½ mile of nearly 2 million square feet of office with nearly 12 million square feet across the Dadeland submarket. Motion is also across the street from Dadeland Station which is home to Target, Best Buy, Dick's Sporting Goods, Bed Bath and Beyond, Michaels and PetSmart. The property is also walking distance from Dadeland Mall, which is the home of Tesla, Apple Store, Cheesecake Factory, Chick-Fil-A, LEGO, Coach, Disney Store, Macy's Florida Flagship, JC Penney, Zara, Lacoste and Saks Fifth Avenue.

Image via 13th Floor Investments

CORE Apartment Tower Opens At 13th Floor Investments And Adler Group's Mixed-Use Link at Douglas

13th Floor Investments and Adler Group’s 312-unit, transit-oriented CORE residential tower is now open and welcoming residents, marking the first building to deliver within the 7-acre Link at Douglas mixed-use development adjacent to the Miami-Dade Metrorail and The Underline linear park. Situated at 3060 SW 37th Ave., CORE provides lifestyle-driven amenities, unmatched connectivity and a central location near Miami’s most in-demand shopping, dining, and entertainment destinations. Additionally, the building has over 6,000 SF of retail space on the ground-floor level that will be home to several exciting dining and service-oriented retail concepts.

The overall Link at Douglas mixed-use project is led by a joint venture between Miami-based real estate developers 13th Floor Investments and Adler Group, in partnership with global investment manager Barings.

The 22-story CORE provides panoramic city views and offers studios, one- and two-bedroom apartments with modern finishes. The property, which is already more than 50% leased, offers rental rates starting at $1,690 for studios, $2,090 for one-bedrooms and $2,790 for two-bedrooms. As part of its opening promotion, the building is offering one month of free rent for new residents.

“We are thrilled to open the doors at CORE, our first apartment building at the Link at Douglas transit-oriented development. Since we started leasing, we have seen a steady demand for high-quality rentals that has surpassed our expectations,” said Jonathan Raiffe, Chief Operating Officer of Adler Group, on behalf of the joint venture development team. “Our leasing success reflects CORE’s high-quality apartments, top-of-the-line amenities, and superb connectivity to several public transit options.”

Situated at the confluence of two of Miami’s most popular neighborhoods, Coral Gables and Coconut Grove, CORE is near major shopping, dining and entertainment options such as Shops at Merrick Park and the newly reopened CocoWalk. The tower’s transit-oriented location offers direct access to Miami-Dade County’s Metrorail system, the Miami-Dade bus lines and both the Coral Gables and Coconut Grove Trolleys, making car-free living a viable option for residents while easily connecting with communities such as Coral Gables, Coconut Grove, Brickell, Downtown Miami and the Health District. Additionally, the property sits within walking or biking distance to the University of Miami main campus.

Lifestyle-driven amenities include a rooftop pool deck with stunning views, poolside barbecue grills, private cabanas, as well as a fitness center with a yoga studio, and an entertainment media room. A modern business center was designed with sleek workspaces, private offices and lounge areas along with a conference room, outdoor work terrace and other features that make working from home a more productive and enjoyable experience. A social lounge comes complete with billiards, shuffleboard, ping pong, and a furnished seating area centered around a fireplace. Additional perks include a secured package room, dog washroom, bike storage, and available WiFi in all common areas. Residents will also benefit from The Underline, a 10-mile linear park underneath the property that spans from Downtown to South Miami, perfect for outdoor exercise.

Apartment units feature private balconies and floor-to-ceiling windows that offers ample natural light. Residences are designed with luxury plank flooring, granite countertops, modern kitchen hardware and appliances, an in-home washer and dryer, and porcelain shower walls.

The next tower to open at Link at Douglas is CASCADE, a 36-story rental apartment building under construction and set to deliver in mid-2022, which will feature a 25,000-square-foot Milam’s Market on the ground-floor level. The overall Link at Douglas master plan will encompass approximately 1,500 residential units, over 32,000 SF of retail space, a 100,000 SF, class A office building, and a public plaza that connects with The Underline linear park.

Bozzuto Group is CORE’s provider of property management services, including full-service concierge, 24-hour maintenance, resident app, recurrent resident events and its signature away-from-home services of plant care, newspaper delivery and in-home package delivery. Bozzuto Management has been ranked #1 for online reputation for six years in a row.

The Transit-Oriented Mixed-Use Development CORE Link at Douglas Launches Leasing

The transit-oriented CORE Link at Douglas, a new 312-unit mixed-use multifamily tower, has launched leasing at the intersection of Coconut Grove and Coral Gables. Slated to open in August at 3060 SW 37th Avenue, CORE will become the first tower to open at Link at Douglas, a 7-acre mixed-use development being developed adjacent to Miami’s Metrorail and The Underline linear park. The project is being developed by a joint venture between Miami-based real estate developers 13th Floor Investments and Adler Group, in partnership with global investment manager Barings.

The 22-story residential building will feature studios, one-, and two-bedroom apartments with upscale finishes and panoramic city views. Leasing rates will start at $1,690 for studios, $2,090 for one-bedrooms and $2,790 for two-bedrooms. As part of a special pre-leasing promotion, CORE is offering one month free for new renters, with an additional second month free for those signing a lease without a car and planning to utilize the development’s nearby transit access.

Apartments feature private balconies, floor-to-ceiling windows and a modern design that offers ample natural light. Residences are designed with luxury plank flooring, granite countertops, modern kitchen hardware and appliances, an in-home washer and dryer, and porcelain shower walls.

Amenities include a rooftop pool deck with stunning views, poolside grilling, private cabanas, as well as a fitness center with a yoga studio, business center, media room, and a social lounge complete with billiards, shuffleboard, ping pong, and a furnished seating area centered on a fireplace. Other amenities include secured package room, bike storage, and Wi-Fi in all common areas.

CORE’s ownership has selected The Bozzuto Group to provide property management, including full-service concierge, 24-hour maintenance, resident app, monthly resident events and its signature away-from-home services of plant care, newspaper delivery and in-home package delivery.

Located along US-1 and Douglas Road, CORE and Link at Douglas are perfectly situated to offer direct access to Miami-Dade County’s Metrorail system, the Miami-Dade bus lines and the Coral Gables Trolley. Directly underneath the property, residents can enjoy outdoor workout activities along The Underline, a 10-mile linear park under development that spans from Downtown Miami to South Miami.

“We are excited to deliver our first building at Link at Douglas. With CORE, we wanted to set a new standard for those who want a more connected lifestyle,” said Aaron Stolear, Associate Vice President of 13th Floor Investments, on behalf of the joint venture development team. “At CORE, residents will lease apartments but will ‘live’ at the building – the amenities are just that spectacular.”

CORE will be followed by CASCADE, an adjacent 36-story multifamily tower set to open at Link at Douglas in mid-2022, which will feature a 25,000-square-foot Milam’s Market on the ground-floor level. All told, the Link at Douglas development’s master plan will encompass 1,422 residential units, over 32,000 square feet of retail space, a 280,000-square-foot office building, and a public plaza that connects with The Underline.

Renderings via 13th Floor Investments/Adler Group/Barings