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.

Terra And New Valley Lock Down $64.8 Million Construction Loan For Natura Gardens Apartments

Terra and New Valley, the development partners behind Natura Gardens, a new multifamily community in Northwest Miami-Dade County, have secured $64.8 million in construction financing from Bank OZK. The loan will fund the ongoing construction of the 23-acre community, which will encompass 460 garden-style apartments across 12 three-story residential buildings. The development broke ground in February 2021 and vertical construction will get underway in the next 30 days, with completion slated for late 2022. Cushman & Wakefield arranged the financing on behalf of the development team.

“Our ability to secure favorable construction financing for Natura Gardens speaks to the growing demand for market rate rental housing in South Florida,” said David Martin, CEO of Terra. “We’re seeing an influx of millennials, young professionals and new families looking for attainably-priced residential options in South Florida’s suburban neighborhoods, specifically west of I-75, close to good schools, and some of the region’s largest corporate employers.”

Natura Gardens has been architecturally 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 will range from one- to three-bedrooms, measuring between 727 and 1,476 square feet in size. Units will boast 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 will 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 and lounge chairs on comfortable beach sand, tables and umbrellas; a media room, game room and kids playroom; a children’s tot-lot play area with recreational equipment and electronics charging stations; 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; and a residents-only dog park with site furnishings.

Inspired by the area’s natural surroundings, the community will feature lush landscaping, open lawns, lakes and preserves. Residents will also have access to a dedicated walking/running trail throughout the community.

Natura Gardens is situated along NW 170th Street between I-75 and Florida’s Turnpike, immediately south of the planned American Dream retail and entertainment complex.

The 48-Story Five Park Locks Town $345 Million Construction Loan In South Beach

The developers of Five Park, a 48-story residential tower coming to the entrance of South Beach at 500 Alton Road, has locked down a $345 million construction loan. The loan is the largest residential construction loan to be funded in South Florida since the pandemic took hold and is being provided by Blackstone and Apollo. Five Park is being developed by a partnership between Terra, led by David Martin, and the Galbut Family Office in partnership with New Valley. The 519-foot development will become the tallest building in Miami Beach upon its completion in 2023.

“Miami Beach is well-positioned for long-term growth as a global gateway city, with continued demand coming from both foreign and domestic buyers. Five Park is poised to become the address of choice for the City’s newest residents, offering direct pedestrian access to Canopy Park and the Miami Beach Baywalk, panoramic views across the cityscape and Biscayne Bay, and best-in-market amenities,” said David Martin, CEO of Terra.

Five Park is designed by Arquitectonica with interiors by Gabellini Sheppard. The tower will include approximately 280 residential units with a blend of condominium and multifamily residences as well as 3-acre public park. The units mix is made up of spacious two-, three-, and four-bedroom residences and penthouses. Building amenities will include an amenity deck with two swimming pools, a restaurant, sunset viewing lounge areas, a resort-style spa, and a state-of-the-art fitness center with outdoor exercise areas. The tower will also feature a grand lobby with a gourmet café as well as a Sky Club lounge with a second fitness center, a private dining room, and a building concierge offering in-room dining and other specialized services for residents.

The development also includes the construction of Canopy Park, Miami Beach’s newest public park, which broke ground in July 2020. The three-acre park, located between the 600 and 700 blocks of Alton Road, will include an array of resiliency and sustainable features along with open green spaces shaded by native tree species, pedestrian and bike paths, an outdoor gym and dog run, a MONSTRUM-designed children’s playground, and public art displays. Construction of Miami Beach’s newest world-class city amenity is currently underway and is slated for completion in Summer 2021.

Approved plans for the site also include a third phase, Miami Beach Canopy, which will encompass a signature pedestrian bridge spanning 5th Street designed by internationally renowned artist Daniel Buren and is anticipated to get underway in 2022. The Miami Beach Canopy — subtitled Walking Under, Along, and On the Colors: work in-situ by Daniel Buren — will complete the Miami Beach Baywalk, creating a safe and seamless connection running from South Pointe Park north to the Lincoln Road District and east to the beachfront. The Canopy will become an instant icon for Miami Beach and a beloved work of public art that guides pedestrians along a rainbow of colorful shadows.

The $345 million loan is the latest sign that Blackstone is going long on the Miami market following the news that the firm has purchased the office towers at 2 and 3 Miami Central in Downtown Miami for $230 million. Blackstone is planning a 200-person tech-focused office in Downtown Miami.

For more information about Five Park, private showings or purchasing/ leasing information please fill out the form below:

Terra And New Valley Break Ground On Natura Gardens Multifamily Development In Northwest Miami-Dade

Terra and New Valley have broken ground on Natura Gardens, a 27-acre multifamily development encompassing 460 garden-style rental apartments. The news comes approximately one year after the partnership finalized the purchase of a 72-acre development site in northwest Miami-Dade and as the joint venture also completes the sale of the parcel’s remaining 45 acres to Butters and Greystar for $53.5 million. Site work at Natura Gardens is currently underway, with vertical construction expected to take place in Spring 2021. Delivery is anticipated in early 2022.

“Northwest Miami-Dade is experiencing a surge of demand for new residential and commercial development, which is why we initially zeroed in on this parcel as a prime development site,” said Terra CEO David Martin. “Shortly after our JV announced plans for Natura Gardens, we were approached by several developers that shared our vision for bringing new housing options and infrastructure to this part of the County, and that opened the door to selling our originally planned second and third phases of the development site to Butters and Greystar. This is a good example of how forward-looking development that meets market demand can serve as a magnet for new investment in underserved areas.”

Situated along NW 170th Street between I-75 and Florida’s Turnpike, Natura Gardens is located a short drive from several of South Florida’s largest employers, including Boeing, Royal Caribbean International, Preferred Freezer Services, and The Home Depot.

“We were excited to have worked with Terra to complete the vision for this magnificent site and create a balanced sustainable development that will benefit the residents as well as Miami Dade County,” commented Butters Construction & Development, President, Malcolm Butters.

Designed by Pascual, Perez, Kiliddjian Architecture (PPK), Natura Gardens will range from one- to three-bedrooms, measuring between 727 and 1,476 square feet in size. Amenities will include a two-story clubhouse with a resort-style pool and spa; a media room, game room and kids playroom; a children’s tot-lot play area with recreational equipment and electronics charging stations; a state-of-the-art fitness center with yoga, aerobics and spinning studios; co-working spaces and a coffee bar; and a residents-only dog park with site furnishings. Inspired by the area’s natural surroundings, the community will feature lush landscaping, open lawns, lakes and preserves. Residents will also have access to a dedicated walking/running trail throughout the community.

Terra, New Valley, Great Eagle Holdings and Bizzi & Partners Pay Off $155 Million Construction Loan For Eighty Seven Park

The partners behind Eighty Seven Park, Pritzker Prize winning architect Renzo Piano’s first residential development in the United States, have paid off $155 million in construction financing for the newly-completed Miami Beach condominium tower. The loan, which was issued in 2017 by United Overseas Bank, helped fund the development of the 18-story, luxury tower located at 8701 Collins Avenue in the city’s North Beach neighborhood, which was delivered in November 2019. More than 90% of the development’s 66 residences have been sold, with unit sales representing over $400 million in total transaction value. Remaining residences are available from about $2 million to $10 million.

“Our ability to pay off our financing shortly after completion speaks to the strength of Eighty Seven Park’s development and design teams, and to the high-demand we’ve seen for this one-of-a kind iconic building,” said developer David Martin, President of Terra. “Renzo Piano and West 8 had such a powerful vision for this project, and we are thrilled by the response from our owners from across the U.S. and around the world.”

Since launching sales in 2016, Eighty Seven Park has attracted a diverse mix of residents including a significant percentage of domestic buyers. While the tower has enjoyed steady sales activity among global buyers, U.S. buyers have accounted for approximately 50% of all unit sales to date.

Residences at Eighty Seven Park feature floor-to-ceiling windows and wrap-around terraces. Each unit offers breathtaking panoramic views of the ocean and lush greenery. Among the design team was internationally acclaimed Parisian architect, Rena Dumas (RDAI), who created the tower’s interior and exterior living spaces. Luxurious amenities include around-the-clock concierge and butler service, an outdoor juice bar, a full-service salon for residents, and a full-time botanist who assist residents with their private balcony gardens. The residences feature large outdoor living spaces with summer kitchens, accounting for approximately 70% of each unit’s interior space. Additionally, owners and their guests have access to have a two-acre park.

Image by The Boundary

Renzo Piano's Eighty Seven Park Reveals Record-Breaking $68 Million Penthouse

Eighty Seven Park by Renzo Piano Building Workshop has revealed its penthouse in record breaking fashion. Priced at $68 million, the penthouse is unlike any other property on the market and is 2018’s most expensive home in Miami. The penthouse floats atop 18 stories and completes the remaining two floors of the boutique condominium, spanning 25,000 SF with 360-degree park, city and ocean views that embrace nature more than anywhere else.

As the realized vision of Pritzker-Prize-winning architect Renzo Piano, Eighty Seven Park’s expertise at “bringing the outdoors in” has captured contracts with high-profile buyers like Novak Djokovic and more. The project is developed by Terra, along with Bizzi & Partners Development, New Valley and Pacific Eagle. A true gem and a modern-day sanctuary, Eighty Seven Park’s penthouse is filled with every luxe amenity anyone could ever imagine to ensure there’s no need to ever want to leave home.

Terra’s President David Martin said he wanted the penthouse to offer its future keyholders a home that “pays unrivaled attention to detail,” and this iconic residence truly leaves no stone left unturned.

The penthouse is designed by RDAI, best-known for their long history with Hermès. It features six bedrooms, eight bathrooms, three powder rooms with 12,410 SF of interior space and 18,247 SF of outdoor terrace. The residence also features unobstructed ocean, park and city views; a personal fitness center, two private elevators, a state-of-the-art home cinema, floor-to-ceiling windows, vertical gardens, a personal Turkish hammam, two 40’ long sunset and sunrise infinity pools, jacuzzi, outdoor theatre, putting green and two summer kitchens.

“We looked to provide a serenely relaxed atmosphere,” said RDAI Design Director Julia Capp about the penthouse. “Its incredible location and views allow the light to gently infuse the interior and maintain contact with the exterior – which was an integral part of the design.”

“We want to engage and bring purposeful living not only to the buyers of Eighty Seven Park, but to the North Beach neighborhood as a whole,” says David Martin, President of Terra. “Along with the attention to detail that was poured into every aspect of Eighty Seven Park, our development also focused on urban planning that contributes to the neighborhood. We have discerning buyers from all around the world who recognize that there is intrinsic value in purchasing long-lasting assets with positive community impact.”

Away from the noise, Eighty Seven Park is nestled in North Beach where exclusivity is high, yet availability is low. At 80% sold, Eighty Seven Park is the one of the only boutique options still available for purchase. Eighty Seven Park is also the only building that has no more than four residences per floor, a residents-only garden, five-star amenities without hotel hassles, and a 35-acre park transformed by West 8 next door.

“Eighty Seven Park is a project that is truly singular for the South Florida market,” said Howard M. Lorber, Chairman of Douglas Elliman Realty. “It’s world-class architecture by Renzo Piano, direct oceanfront location, high-caliber interior design and luxury suite of amenities has proven to be appealing to buyers from across the United States and from around the globe. We look forward to continued sales success now that the super-structure is complete.”

For more information about Eighty Seven Park, private showings or purchasing/ leasing information please fill out the form below:

Terra, New Valley, Great Eagle Holdings and Bizzi & Partners Secure $155 Million In Construction Financing for Eighty Seven Park, Prepare to Commence Vertical Construction

Terra, New Valley, Great Eagle Holdings and Bizzi & Partners, the partners behind Eighty Seven Park, Renzo Piano’s first residential project in the U.S., have finalized a construction loan that will open the door to vertical construction. The loan is for $155 million in construction financing from United Overseas Bank. Terra has reported that the building is now over 60% sold with a sales volume of over $250 million. The start of vertical construction follows initial site work that involved placing 300 foundation pilings into the ground.

“Local and international buyers are responding to Eighty Seven Park’s brand of intelligent luxury, with more than sixty percent of our sixty-six units now sold,” says Terra president and co-founder David Martin. “Eighty Seven Park’s singular location, combined with Renzo Piano’s sophisticated design and the equity we’ve built through pre-construction sales, have created a powerful combination that put us in position to secure construction financing.”

“Buyers seeking oceanfront living in Miami Beach have many options, and Eighty Seven Park is the most desirable among them as evidenced by our sales success,” says Howard M. Lorber, chairman of Douglas Elliman Real Estate and CEO of Vector Group, the parent company of New Valley. “Our project offers the amenities, exclusivity and sophisticated design that today’s most discerning buyers are looking for.”

“IRR Miami’s market forecasts indicate that the only new projects that will get started over the next 24 months are those sponsored by the strongest developers,” explains Anthony Graziano, chairman of Integra Realty Resources and senior managing director for IRR-Miami/Palm Beach. “The strength of Eighty Seven Park lies in its location, design, and the experience of the development team that Terra has assembled. This is another example of Terra’s ability to deliver bold projects in irreplaceable locations.”

Eighty Seven Park is located on Collins Avenue in North Beach at 87th St. and Collins, which is the northern-most parcel of land in Miami Beach. Eighty Seven Park will be an 18 story glass tower with expansive, unobstructed views of the Atlantic Ocean, Miami Beach and Biscayne Bay. The building was designed by famed designer and Pritzker Prize-winning architect Renzo Piano Building Workshop in collaboration with RDAI, West 8 designed the landscape architecture and Ruben and Isabel Toledo will handle branding and marketing material. Eighty Seven Park will feature 68 residences that range from 1 to 5 bedroom layout and 1,400 SF to over 7,000 SF. Pricing ranges from $1.6 million to $15.2 million. There will also be a full-time concierge and butler service, smart home and building technology and five-star amenities including a salon, resort style pool with full-service bar, valet, security, library and on-site enoteca complete with on-site wine tasting. Eighty Seven Park is expected to be completed in 2018.

Sales Update: Renzo Piano's Eighty Seven Park Passes 60% Sold, To Break Ground Next Month

Terra's Eighty Seven Park in Surfside, designed by the legendary Renzo Piano, is reporting that pre-sales at the tower have passed the 60% mark and the developers are aiming to break ground next month (August 2017). Douglas Elliman Development Marketing is overseeing sales where reportedly among notable buyers is Million Dollar Listing New York's Fredrik Eklund. Eighty Seven Park is a joint venture headed up by Terra with Bizzi & Partners Development, New Valley and Pacific Eagles Holdings Corporation. 

Eighty Seven Park is located on Collins Avenue in North Beach at 87th St. and Collins, which is the northern-most parcel of land in Miami Beach. Eighty Seven Park will be an 18 story glass tower with expansive, unobstructed views of the Atlantic Ocean, Miami Beach and Biscayne Bay. The building was designed by famed designer and Pritzker Prize-winning architect Renzo Piano Building Workshop in collaboration with RDAI, West 8 designed the landscape architecture and Ruben and Isabel Toledo will handle branding and marketing material. Eighty Seven Park will feature 68 residences that range from 1 to 5 bedroom layout and 1,400 SF to over 7,000 SF. Pricing ranges from $1.6 million to $15.2 million. There will also be a full-time concierge and butler service, smart home and building technology and five-star amenities including a salon, resort style pool with full-service bar, valet, security, library and on-site enoteca complete with on-site wine tasting. Eighty Seven Park is expected to be completed in 2018.