Baron Property Group Secures $206 Million Construction Loan For Metro Parc North in Hialeah

Miami- and New York-based real estate developer Baron Property Group (“BPG”) have closed on $206 million in construction financing for Metro Parc North, a new ground-up residential multifamily development in Hialeah, FL. Post Road Group, a private investment firm, provided the loan and Ayush Kapahi, principal and founding partner at commercial real estate advisory HKS Real Estate Advisors, facilitated the deal. Construction on Metro Parc North is well underway after breaking ground last month and is slated for completion in late 2027.

Metro Parc North is Baron Property Group’s second transit-oriented development in Hialeah. BPG closed on a $148 million construction loan with Post Road Group and HKS in September 2022 to capitalize Metro Parc, a Class-A mixed-use development offering retail and 559 rental homes adjacent to Metro Parc North.

“Securing this construction financing from Post Road Group continues to strengthen our vision for Hialeah’s transformation and was a significant milestone both for this development and Baron Property Group,” said Matthew Baron, Founder and President of Baron Property Group. “This financing is a testament to our ability to deliver a high-quality residential community that contributes to the city's growth. With its modern design, luxury amenities and seamless connectivity to public transit, Metro Parc North will set a new standard for living in the area.”

“We are pleased to again provide financing to support the development of Metro Parc North, a high-quality, transformative residential community,” said Jason Carney, Partner and Head of Real Estate Credit at Post Road Group. “Baron Property Group’s experience and expertise, coupled with their vision for Hialeah’s continued growth, make this an exciting opportunity. We look forward to partnering with Matt and his team as they work to complete the project.”

"Securing financing for Metro Parc North alongside Baron Property Group reinforces our shared commitment to shaping Hialeah's future," said Ayush Kapahi, principal and founding partner at HKS. "This project is more than just a residential development — it's a pivotal step in creating a vibrant, transit-connected community. At HKS, we remain focused on delivering strategic solutions that drive urban growth and create long-term value for developers and the neighborhoods they serve."

Designed by Modis Architects, Metro Parc North will offer 661 rental residences ranging from studios to three-bedroom homes. Residences will feature open-concept floor plans, luxury flooring, designer kitchens with stainless steel appliances, in-unit washers and dryers, spacious closets and large private balconies. Residents will enjoy a full-service, highly amenitized lifestyle featuring a 24-hour concierge, resort-style pool with private cabanas, outdoor kitchens, coworking spaces, a multi-purpose clubroom, secure bike storage, pet grooming stations and on-site parking.

Spanning more than the entire block adjacent to the Metrorail entrance and Hialeah Hospital, one of the largest hospitals in Florida, Metro Parc North rises directly next to Metro Parc, Baron Property Group’s 559-unit residential development featuring over 15,000 square feet of retail space. Combined, these two projects span nearly two million square feet and offer upscale apartments and retail options that introduce a fresh lifestyle opportunity to the rapidly expanding Hialeah residential market.

Renderings via Baron Property Group

Inside 'An Exploration Into Capital Markets Coral Gables' Presented By PROFILEmiami & MG Developer

On Tuesday July 25, 2023 PROFILEmiami teamed-up with MG Developer to present ‘An Exploration into Capital Markets Coral Gables’, bringing an immersive panel and cocktail event exploring capital markets and real estate development in South Florida to the beautiful ‘Village at Coral Gables’ showroom. The relaxed and open setting featured cocktails courtesy of MG Developer and food from Coral Gables staple restaurant, Zucca, while attendees networked with industry leaders one of Miami’s hotbed neighborhoods for business and development.

The engaging panel featured keynote speakers Catie Naranjo, CDO at MG Developer; Scott Wadler of Berkadia, Melissa Tapanes, a partner at Bercow Radell Fernandez Larkin and Tapanes, PPLC; and Ayush Kapahi, Founder at HKS; moderated by Demetri Demascus of PROFILEmiami. Topics explored included current environment of capital markets, the difficulties behind financing projects in todays market, the process a developer undertakes to obtain financing, what lenders are looking for when financing a project and the regulations that surround financing.

The evening was attended by real estate leaders such as Alirio Torrealba, CEO of MG Developer; Daniel De La Vega, CEO of ONE Sotheby’s International Real Estate; Cullen Mahoney, Senior Development & Acquisitions Officer of Continuum Companies; and Danny Schwimmer, CIO of The Allen Morris Company, amongst others.

“It is very challenging right now from start to finish. A developer handles everything from site selection, to marketing, to handling the construction costs, you name it, their ultimate goal is to get to the sales. You have to get to the finish line. The way to do that is to get a project built and capitalized as quickly as possible; and the way to do that right now is to find a project that is able to be built.” Said Scott Wadler of Berkadia.

“Cost of construction has gone up, insurance costs are up 5X, interest rates, cost of capital, both on the debt and equity side, almost everything has kind of ticked up. Lucking in Florida rents and property values have kept pace with the increased costs.” Said Catie Naranjo, CDO at MG Developer.

“Ashe market ages and moves it wants to be behind someone who knows what they are doing. It is no longer a speculative game, whether it is for sale housing or even just rental, it is about execution. It is about getting things done as fast as possible, and it is about having the right team.” Said Ayush Kapahi of HKS.

Attendees also got to explore the stunning, state-of-the-art, showroom for The Village at Coral Gables featuring curated interiors and furnishings that were selected from RH (Restoration Hardware), which have proven their design leadership in the luxury lifestyle market. MG Developer, led by Alirio Torrealba, announced on July 5, 2023 that it has secured a $67.5 million construction loan from Churchill Real Estate to build the highly anticipated Village at Coral Gables development, with groundbreaking expected this July.