CYMBAL DLT Companies Locks Down $95 Million Loan For Newly Built Oasis Pointe Residences In Dania Beach

Miami-based real estate development and construction firm Cymbal DLT Companies has secured a $95 million loan from Kookmin Bank and Related Fund Management for Oasis Pointe Residences, a multifamily complex in Dania Beach that they recently developed and will now continue to be part of the Cymbal DLT Collection of communities in South Florida.

Within 29 months of groundbreaking, Cymbal DLT paid off its $60.3 million construction loan to 3650 REIT and distributed to their equity investors over a 130% return, a return that will continue to grow with ongoing cash flow. The loan will allow Cymbal DLT and their investors to keep the newly built 301-unit community as part of their growing multifamily portfolio. Cymbal DLT has a development and construction pipeline of over $2 billion in South Florida.

“We are grateful to our investors and lenders for the confidence that they have placed in us,” said Asi Cymbal, Chairman of Cymbal DLT. “We are proud of the fact that we have rewarded our investors with unmatched returns and have always paid our lenders in full.”

“Cymbal DLT’s focus on best in class has allowed us to mitigate risk and thrive during these turbulent times,” added Hector Torres, CEO of Cymbal DLT.

Patrick Martin from Related, Will (Woosuk) Cha from Kookmin Bank, and Asi Cymbal, Hector Torres, Jacob Nunez, and Jake Fleischer from Cymbal DLT worked to close this deal. Cymbal DLT’s private financier Christian Uriarte and Gautham Atreya of Cymbal DLT brokered the loan. John Hotte of Krinzman Huss Lubetsky Feldman & Hotte was legal counsel for Cymbal DLT.

The 2.4-acre waterfront complex opened 8 months ago and is 97% leased. It serves as the area’s first waterfront apartment building with 301 units, thoughtfully designed details, and exceptional indoor and outdoor amenities to create fresh-air havens of relaxation and retreat. The living spaces of the building feature a mix of studios, one, two, and three-bedroom luxury apartments with open floor plans and modern features.

The residential design of the luxury indoor and outdoor living spaces respond to the timely demands for better natural ventilation, lighting, and fresh air quality while the amenities seek to enhance the mental and physical well-being of residents.

Inspired by the surrounding water and nature, key amenities and features of the eight-story building include: a meditation garden; a waterfront boardwalk with a 19-slip marina; a Zoom lounge with private office suites and workstations; an outdoor lap pool; a fire pit with outdoor BBQ and picnic areas; state-of-the-art, open-air fitness facility and yoga studio; an indoor lounge and game room; and a dog park.

Located at 150 South Bryan Road in Dania Beach with easy access to I-95 and I-595, Oasis Pointe is in close proximity to the Fort Lauderdale-Hollywood International Airport, Port Everglades Cruise Port and the corporate headquarters of Spirit Airlines and Chewy. It is adjacent to Dania Pointe, a mixed-use development that features premier shopping and dining options, commercial spaces, and a dual-branded hotel.

MV Real Estate Holdings Locks Down Construction Loan And Breaks Ground On Miami Senior Affordable Housing Development

The first project in collaboration between Miami-Dade Public Housing and Community Development (PHCD), Miami-Dade Parks, Recreation and Open Spaces (PROS), and Miami-Dade Transportation and Public Works (DTPW) with the private sector created to provide attainable housing solutions to seniors has been given the green light to begin construction. MV Real Estate Holdings, LLC is set to break ground on the highly anticipated Ludlam Trail Towers on March 14 in Miami, Florida. Positioned between Coral Way and Southwest 69th Avenue intersection, the project is estimated to cost $25 million.

Centennial Bank provided a $7.5 million construction loan to Ludlam Trail Towers, LLC. The Bank’s SVP, Senior Commercial Loan Officer Yuleisy Montalvo, worked jointly with Lument, who is providing a guaranteed Freddie Mac permanent takeout with a fixed rate to Ludlam Trail Towers upon receipt of its certificate of occupancy (CO). Centennial Bank is a full-service financial institution with branches in Florida, Arkansas, Alabama, Texas, and New York and nearly $24 billion in total assets.

“This project is the culmination of the vision of the elected County officials and administrators seeking to help the most vulnerable in our society, the County Parks Department looking to bring the Ludlam Trail to fruition, the Miami-County Department of Transportation seeking to provide connectivity to the Trail over Coral Way and MV Real Estate Holdings who is contributing private dollars and will ultimately be building and executing on this vision that we believe will be transformative to so many,” said Alex Mantecon, managing partner of MV Real Estate Holdings.

Led by Alex Mantecon and Guillermo D. Vadell, managing MV Real Estate Holdings members, Ludlam Trail Towers is expected to redefine attainable housing solutions in a submarket that has not seen any projects with similar characteristics in over a decade. The funding of this project was a collaboration of private equity dollars and four different funding sources at the County level with financing provided by Centennial Bank who provided the construction loan, Lument who provided a Freddie Mac forward commitment and a Miami-County Surtax gap funding loan. This structure allowed the construction lender to be more aggressive in this challenging environment. The financing teams were spearheaded by JC de Ona and Yuleisy Montalvo at Centennial and Marc Suarez at Lument.

“It is great to see not only the public private partnership step up but also the capital markets to support the development of affordable housing,” said Marc Suarez, Managing Director at Lument.

"We are honored to be part of a project that touches upon so many critical needs in our community and to shed light into a parcel of the population that is often forgotten," said Alex Mantecon, managing partner of MV Real Estate Holdings. "There is no doubt that Ludlam Trail Towers will redefine urban living in Miami-Dade County for the elderly while at the same time creating a one-of-a-kind amenity in the Ludlam Trail linear park to be enjoyed by all."

The 64 rental units development composed of two buildings with four and five-story will encompass 760-square-foot one-bedroom, one-bathroom units to 1,000-square-foot two-bedroom, two-bathroom residences. The towers on either side of Coral Way will be connected by a pedestrian bridge that spans over Coral Way and will be a part of the Ludlam Trail.

The project will leverage its exclusive location with direct access to the Ludlam Trail linear park and include a multipurpose room available for the public, allowing residents to interact with them while allowing them to participate in fitness activities. The property is located along the Ludlam Trail, a 6.2-mile multiuse public trail running north to south from Miami International Airport to Dadeland Mall. It will connect with the Underline and circle back to Downtown Miami, thus creating 16 miles of uninterrupted trails inside our urban core.

“Our seniors struggling with rising costs across the board deserve access to safe and affordable housing," said Commissioner Kevin Cabrera. "I’m excited to see the construction of the Ludlam Trail Towers, which help the seniors of our district live out their golden years with dignity. Looking forward to continuing to work with our partners on initiatives to tackle our community’s housing crisis.”

The Ludlam Trail Towers is one of the many scheduled residential projects for the trail as part of the redevelopment of the abandoned railroad track. Additional projects on the trail include a 312-unit apartment complex on the Bird Road Node also led by MV Real Estate Holdings in partnership with Altman Companies and Mattoni Group, an 84-unit workforce housing complex on 8th street, and a 950-unit apartment building with retail stores, and a dog park on 8th street as well; every project is currently in different phases of development.

First Florida is the General Construction company responsible for Ludlum Trail Towers with an expected completion date by the summer of 2024. Reservations will be available starting spring of 2024.

Oak Row Equities And L&L Holding Company Secure Full Construction Financing For 'The Wynwood Plaza' One-Million-Square-Foot Dynamic Mixed-Use Campus

L&L Holding Company and Oak Row Equities today announced they have closed on $215 million in construction financing for The Wynwood Plaza, a one-million-square-foot campus that will bring class-AAA office, residential, retail and outdoor space to 95 NW 29th Street in Miami’s famed Wynwood Arts District.

L&L Holding, Oak Row Equities, alongside project partner Shorenstein Properties LLC (“Shorenstein”) and co-investor Claure Group, secured the loan from Bank OZK. With full project financing now in place, major construction will commence immediately with full completion anticipated in 2025.

In addition to securing the financing, L&L Holding and Oak Row Equities announced that they have pre-leased two full floors at The Wynwood Plaza’s 12-story contemporary Class AAA office tower. Prominent investment firm Claure Group, led by Marcelo Claure, will establish its headquarters in 25,400 square feet across the entire eighth floor. Weitz & Luxenberg, an acclaimed nationwide law firm, will open its first Miami office in 18,000 square feet across the second floor. The second floor will also house the amenity space exclusive to office tenants.

Designed by world-renowned architecture firm Gensler, which is also serving as architect of record, The Wynwood Plaza will incorporate a residential building featuring luxury rental apartments, an array of indoor and outdoor dining and shopping options, as well as a highly-amenitized office tower totaling approximately 266,000 square feet. Inviting outdoor spaces will be designed by James Corner Field Operations, the landscape architecture and urban design practice behind New York City’s High Line and Miami’s The Underline. The project’s most distinctive characteristic will be a beautifully landscaped 26,000-square-foot outdoor public plaza– the only one of its size in the Wynwood neighborhood and one of the largest in Miami.

“The Wynwood Plaza has been designed and programmed to produce a dynamic fusion of high-end apartments, creative offices, galleries, boutiques and artisanal restaurants, all wrapped around a lush paseo, which will both complement and enrich the entire Wynwood Arts District,” said L&L Holding Company Chairman & Chief Executive Officer David Levinson and President & Chief Investment Officer Robert Lapidus. “We are grateful to our partner Shorenstein and Bank OZK, as well as to our tenants, for embracing our collective vision of The Wynwood Plaza as a nexus of culture, community, creativity and nature.”

“In every submarket, Oak Row Equities develops in, we strive to deliver not only best-in-class product, but also the most transformative projects in each individual submarket. Wynwood Plaza is no exception,” said Erik Rutter and David Weitz, Managing Partners of Oak Row Equities. “We are thrilled to have Shorenstein and Bank OZK as our partners to bring the largest mixed-use development in Wynwood to life.”

“With a fast-growing population and a business-friendly environment that continues to drive a significant number of corporate expansions and relocations by prominent technology, financial and professional services companies, Florida, and the Miami metro region in particular, is an attractive market for long-term investment,” said Matt Knisely, Managing Director at Shorenstein Properties. “We are excited to partner with L&L and Oak Row to build on our successful track record in the region by delivering a market-leading mixed-use project that will provide an innovative space for tenants and the vibrant Wynwood community alike for years to come.”

“The Wynwood Plaza brings together the best of all worlds to create the ideal environment for collaboration and productivity,” said Claure Group Founder and CEO Marcelo Claure. “The sustainable and tech-focused design offers the perfect setting for businesses to innovate, grow and attract top talent. The artistry and authenticity of the campus will also be a magnet for residents and retailers who want to be part of Miami’s most vibrant neighborhood.”

The Wynwood Plaza’s office component has been intentionally designed with innovative floor plates and an expansive suite of amenities to cultivate the ideal environment for today’s innovative workforce. The building will incorporate private terraces on each floor and 14-foot windows to allow natural light to fill the workspaces. A dedicated amenity hub will include a fitness club, a cafe and bar lounge, and conference and collaboration spaces, while an expansive rooftop will feature lush landscaping and private seating areas. The office tower will have a stylish 25-foot-tall grand lobby at street level, and tenants will also benefit from best-in-class air filtration, touchless entry and elevator systems.

The Residences at The Wynwood Plaza will include 509 luxury rental apartments with floor-to-ceiling windows, state-of-the-art appliances, exceptional finishes and flexible layouts. Residents will have access to a best-in-market amenity package that includes four activated rooftops with a sports court, two outdoor pools with showers, a sauna, hot tub and cold plunge pool. In the resident-only glass atrium, co-working spaces and private phone rooms will provide a quiet place to work from home, with a neighboring game lounge for when it is time to take a break. A modern fitness center will feature the latest equipment, as well as dedicated areas for yoga and other classes.

With an eclectic mix of lifestyle boutiques, micro-curated storefronts, convenience locations, restaurants and fast casual spots, The Wynwood Plaza’s retail will become a neighborhood destination. The project will include a total of 32,000 square feet of retail, including 6,600 square feet of outdoor dining. The airy, stylish spaces will feature full glass storefronts with the opportunity for impactful exterior signage. Situated on a main pedestrian thoroughfare, the shops will benefit from ample foot traffic comprised of on-site office tenants and residents, as well as those who live in and visit the popular neighborhood.

The project’s 26,000-square-foot outdoor public plaza will feature a pedestrian paseo with direct connections to Northwest 29th Street, Northwest 30th Street and Northwest 1st Avenue. The paseo will be landscaped with large palm trees, plants and flowers and form a central pedestrian thoroughfare.

To showcase and elevate the creativity of the surrounding community, L&L Holding and Oak Row will collaborate with local artists to include curated works and installations throughout The Wynwood Plaza for residents and the community to enjoy.

Dustin Stolly and Jordan Roeschlaub of Newmark represented L&L Holding and Oak Row Equities in capitalizing the project, while Scott Wadler and Michael Basinski of Berkadia arranged the Bank OZK financing.

Kobi Karp Designed Gateway at Wynwood Class A Office Complex Refinanced With $113 Million Loan

Berkadia has arranged a $113 million loan to refinance Gateway at Wynwood, a 220,000-square-foot, Class A office and retail project designed by Kobi Karp in Miami’s Wynwood District. Senior Managing Director Charles Foschini, Managing Director Christopher Apone and Associate Director Robert Iudice of Berkadia South Florida arranged the loan on behalf of New York-based Rose & Berg Realty Group LP (“R&B Realty”), a family-owned real estate management, leasing and construction company. The property is leased to a diverse tenant roster including BoConcept, OpenStore and Veru. A10 Capital, a vertically integrated, full service commercial real estate lender, provided the three-year loan, with two, one-year extension options.

Berkadia also secured the original construction loan for the project in early 2020 through lender 3650 REIT. This time,

"The volatility in the lending environment made this office refi transaction challenging, but our relationships with the lending community and the strength of this asset helped us secure one of South Florida's largest office refis in recent times," said Foschini. "We are proud to have played a key role in helping our client move forward with its plans as it continues to attract strong office and retail tenants to the trophy property in the highly desired Wynwood area north of downtown Miami."

Designed by ‘starchitect’ Kobi Karp, Gateway at Wynwood is located at 2616 North Miami Avenue, in the epicenter of Miami’s Wynwood corridor, one of the most desirable 24-hour submarkets in the nation. It features approximately 220,000 square feet of Class A office space encompassing roughly 27,700 square feet of space on each of its floors. It features a private rooftop terrace with panoramic views, as well as 512 on-site parking spaces. The project also features 24,000 square feet of retail space and is centrally located at the convergence of the Midtown and Wynwood submarket’s’ high-traffic retail corridor, with immediate access to thousands of new residential units.

Gateway at Wynwood is just minutes away from Miami’s Central Business District (CBD), Midtown, Edgewater, the Arts and Entertainment District, Brickell, Miami Beach, and a variety of mass transit options including I-195, the Miami Metrorail and the new Brightline commuter rail line connecting Miami to Fort Lauderdale and Palm Beach.

Terra Locks Down $43.5 Million Refinancing For 'Residences In The Grove' Coconut Grove Condo

Terra, in partnership with AB Asset Management, has secured a $43.2 million refinancing loan for Residences in the Grove, a 148-unit luxury condominium located at 2835 Tigertail Avenue in the heart of Miami’s Coconut Grove neighborhood. The financing, provided by City National Bank of Florida and KS Finance Corporation, will fund preliminary demolition and site-work in preparation for the project’s groundbreaking. Construction of Residences in the Grove is estimated to get underway later this year, with completion slated for 2025.

Designed by Arquitectonica, the five-story development will boast a beautiful design centered around a coral rock façade and sustainable features that will blend in seamlessly with Coconut Grove’s existing landscape and tree canopy. The project will also include approximately 22,000 square feet of wellness focused street-level retail space.

“Our ability to secure favorable financing for Residences in the Grove speaks to the growing demand for residential product in the thriving Coconut Grove district, which is home to walkable streets, top-tier schools, and some of Miami’s most exciting retail and dining destinations,” said David Martin, CEO of Terra. “Terra has been on the front lines in reinvigorating Coconut Grove dating back nearly a decade and we’re excited about continuing that tradition with this new development.”

“Coconut Grove is experiencing a surge of demand as people and businesses continue to move to South Florida. Terra was one of the first developers to recognize Coconut Grove’s potential as a mixed-use destination, and the firm has delivered several residential and commercial projects that are bringing the district to life,” said Gary Fitzgerald, Executive Vice President, Real Estate Banking Executive at City National Bank of Florida. “When you consider the neighborhood’s appeal, the strength of Miami’s residential market, the quality of this location, and Terra’s track record, the decision to finance this transaction made perfect sense.”

Terra’s portfolio of residential and commercial developments throughout Coconut Grove include the Bjarke Ingels-designed twisting towers of Grove at Grand Bay; the Rem Koolhas/OMA-designed Park Grove condominium towers; and the Touzet Studio-designed Mary Street class A office building. Terra is currently developing the two-tower Mr. C Residences luxury condominium, and Grove Central, a mixed use transit-oriented retail and residential development, both of which are slated for completion later this year.

Clara Homes Closes On $26 Million Construction Loan For Clara Bay Harbor Luxury Rental Development

The Miami-based Clara Homes, led by James Curnin, has closed on a $26 million construction loan financed by Maxim Capital for Clara Bay Harbor. The three-building development, Miami’s most anticipated new ground-up luxury rental community, will feature 150 total residences with five-star service and a suite of thoughtful amenities. Clara Bay Harbor’s first building is slated to break ground this March, with completion anticipated for Spring/Summer 2024. The entire master plan is expected to complete by the end of 2025. Clara Homes is a Miami-based vertically integrated real estate firm specializing in residential and commercial development, custom single-family homes and operations oversight.

“We are committed to bringing buildings to market that elevate luxury rental living across South Florida,” says James Curnin, CEO and Founder of Clara Homes. “This construction loan reaffirms the vision and confidence we have in Clara Bay Harbor. The project will offer renters high quality residences, designed with the same sophistication and style as our custom homes.”

Nestled between the world-famous Bal Harbour Shops and Miami’s exclusive Indian Creek, Clara Bay Harbor will offer an enviable lifestyle and location in the heart of Bay Harbor. Situated just minutes from the Atlantic Ocean as well as the best shopping and dining in the city, Bay Harbor is one of the most desirable residential areas in Miami, celebrated for its small-town feel and focus on community. The waterfront neighborhood is now transforming into an exclusive luxury destination with the development of new high-profile projects such as Clara Bay Harbor. The three buildings of Clara Bay Harbor will set a new standard for rental living across South Florida.

“Clara Homes is an experienced South Florida builder and a longtime Maxim client,” said Adam Glick, principal and cofounder of Maxim Capital Group. “We’re looking forward to completing a luxury rental building in one of the fastest growing markets in the country with one of the best residential developers in the Miami area.”

Construction for Clara Bay Harbor will be completed in three phases. The first phase introduces the first of three six-story buildings. Located at 10281 W. Bay Harbor Drive, the first building will tout 28 luxury two-to-five bedroom rental residences, a parking garage, and an amenitized rooftop space encompassing a swimming pool, exercise area, and sundeck. The other two buildings located at 1147-1163 100th Street and 10200 East Bay Harbor Drive are scheduled to break ground later this year.

Clara Bay Harbor is Clara Homes’s first South Florida multifamily development, following the firm’s success developing, building and selling numerous Miami and Los Angeles luxury spec homes for above market rate prices. Curnin got his start in the industry working under the late legendary developer Jack Parker, his great-grandfather, in New York City on high-profile projects such as Parker Meridian Hotels, Parker Towers, Parker Plaza and Truffles Tribeca.

Leasing for Clara Bay Harbor will be exclusively handled by Douglas Elliman Development Marketing.

Mega Mixed-Use Development Wynwood Plaza Locks Down $215 Million Construction Loan

L&L Holding Company, Oak Row Equities and Shorenstein have locked down $215 million in construction financing for Wynwood Plaza, a mega mixed-use development on a 2.85-acre site in Miami’s Wynwood Arts District. Managing Director Scott Wadler and Vice President Michael Basinski of Berkadia South Florida secured the financing on behalf of the developers, a joint venture between L&L Holding Company, a vertically integrated real estate company based in New York, N.Y., Oak Row Equities (formerly Carpe Real Estate Partners), a real estate private equity and development company based in New York, N.Y., and Shorenstein, a real estate investment company based in San Francisco, Calif.

Bank OZK provided the three-year, floating-rate loan with two one-year extension options.

The developers acquired the site, a 15-parcel assemblage, in late 2021 for $53 million, after filing plans for a development that would deliver one million square feet of office, retail, residential and outdoor entertainment space. The project, which Gensler is designing, is slated to complete in 2024.

“Wynwood has emerged as one of Miami’s busiest submarkets, with tech, financial and creative firms flocking to the area and driving demand for office, retail and residential space to all-time highs,” said Wadler. “Wynwood Plaza is poised to be a monumental project anchoring this dynamic community, and we were fortunate to find a lender who recognized the Sponsor’s unique vision and capabilities to execute it.”

Located at 95 Northwest 29th Street, Wynwood Plaza will consist of approximately 509 luxury rental apartments, 275,000 square feet of Class A office space, 25,000 square feet of ground-floor retail space, a 20,000-square-foot open-air retail plaza, and a parking garage.

Royal Palm Companies Locks Down $76.5 Million Construction Loan For Elevate Apartments In Dania Beach

Dan Kodsi’s Royal Palm Companies has locked down a $76.5 million construction loan for Elevate Apartments in Dania Beach. The 36-month financing was provided by the Miami-based 3650 REIT and replaced a previous $64 construction loan. The multifamily project, which is located at 600 East Dania Beach Blvd., is roughly halfway complete and is expected to be completed in November 2023. The financing was arranged by Kevin O’Grady of Concord Summit Capital.

Elevate Apartments was designed by NMD Nomadas and will feature 298 units which will range from studio to 3-bedroom floor plans. The building will also feature a full suite of amenities including a fitness center, business center and pool deck.

Royal Palm Companies is led by Dan Kodsi who has played an integral part of the development of Downtown Miami having delivered PARAMOUNT Miami Worldcenter and PARAMOUNT Bay, amongst other buildings, and is currently developing the sold-out Legacy Hotel & Residences Miami Worldcenter.

MG Developer and Baron Property Group Secure $148 Million Construction Loan From Post Road Group For Metro Parc

MG Developer and Baron Property Group, in partnership with Township Capital, have secured a $148 million construction loan from Post Road Group for Metro Parc, a 10-story, two-tower apartment rental property located at 955 East 25th Street and 980 East 26th Street in Hialeah, Florida. Ayush Kapahi of HKS Real Estate Advisors procured the 30-month loan and Managing Director Dmitry Levkov and Executive Director Jeffrey Donelly of Colliers International’s Structured Finance Group arranged the financing.

Metro Parc is a 2.5-acre residential mixed-use development that will rise 10-stories and deliver 559 rental apartments ranging from 500 to 800 square feet. When completed it will be the tallest building in Hialeah. The property’s amenities will include co-working spaces, an outdoor kitchen, a pool, and gym as well as ground-level retail spaces, parking, and a Latin-inspired food marketplace. Construction for the community will commence in December 2022 and is expected to be completed in the second quarter of 2024.

“We are excited to partner with Baron Property Group and Post Road Group to bring Metro Parc to life. This project will mark the first of more to come for us in Hialeah and we are thrilled about the future we have planned in the City of Progress,” said Alirio Torrealba, CEO and Founder of MG Developer. “We are grateful to Baron Property Group, well-recognized for its more than two decades of experience in multifamily housing, for trusting in us to continue expanding their multifamily housing portfolio in this region.”

MG Developer’s acquisition of Metro Parc, its first multifamily project, in the fourth quarter of 2021 kick-started the company’s multifamily rental buildings division and long-term partnership with New York-based development company Baron Property Group.

“MG Developer has earned a stellar reputation for elevating communities, and that is exactly what we look forward to continue doing as we grow deeper into our partnership and build more impressive projects throughout South Florida,” added Matthew Baron, President and Founder of Baron Property Group.

“We believe Metro Parc is well-positioned to capture leasing demand in the bourgeoning Hialeah area and we are pleased to deliver a single-source, balance sheet financing solution to MG Developer and Baron Property Group,” added, Jason Carney, partner of Post Road Group. “This transaction aligns with Post Road’s investment strategy of financing strong developers seeking to establish cost-effective housing options in growth markets across the U.S and continues building our lending footprint in the Southeast.”

Metro Parc is conveniently located two blocks from the Metrorail and Tri-Rail Transfer Station, bringing a new chic urban lifestyle to the transient-oriented community. The site is also walking distance to Hialeah Medical Services and only a mile from Hialeah’s Arts District, which will soon become home to a vibrant cultural and entertainment scene featuring galleries, breweries, restaurants, shops and the expansive Amelia Earhart Park.

“We anchored our future in Hialeah with Metro Parc, and now we are committed to its growth and setting an enhanced standard of living while reimagining an entirely new community in Hialeah,” concluded Torrealba.

In addition to Metro Parc, this past August, MG Developer unveiled a new showroom for Gables Village, a luxurious 48-residence community in Coral Gables, spread amongst an expansive 17-lot area bordered by Malaga Avenue, Santander Avenue, Segovia Street and Hernando Street. Gables Village will include townhomes, duplexes, lofts, flats that range size, from 1,750 to 3,100 square feet. The company also recently completed development of Althea Row, which nearly sold-out in less than 90 days. It expects to soon complete development of its Biltmore Square community with Biltmore Row, a stunning row of 10 exclusive townhomes featuring a total of 5,561 square feet each with classical design elements found in Spanish colonial architecture.

These development projects build upon MG Developer’s recently announced acquisitions of Merrick Parc and Alhambra Parc, developments that will, when constructed, consist of 450-luxury rental units in Miami and a mixed-use apartment community with ground-floor retail in Coral Gables, respectively.

The Allen Morris Company, Xenel International and Principal Real Estate Investors Close On $57.2 Million Construction Loan For Osceola County Multifamily Development

The Allen Morris Company, Xenel International U.S.A. and Principal Real Estate Investors have closed on a $57.2 million construction loan for The Maxwell at Xentury City, a 311-unit multifamily development located in Osceola County. The loan is being provided by Regions Bank. The Maxwell at Xentury City broke ground in September and has a completion date set for the second quarter of 2024. The General Contractor for the project is Deangelis Diamond.

It will be the first residential phase of a larger 200-acre mixed-use development in Xentury City that will offer live, work, play offerings like first-class dining, entertainment, and now, a residential offering.

The 293,000 square feet community will contain five garden-style buildings with a total of 311 residential units and features world-class amenities throughout. The project site is adjacent to the Gaylord Palms Resort and Convention Center.

“We are very pleased to expand our relationship with Regions Bank for the construction loan of The Maxwell – Regions was steadfast throughout the process and provided a strong execution for the partnership,” said Spencer Morris, President of the Allen Morris Company.

“We are proud to be the Allen Morris Company’s lending partner to start construction on a project that will transform the area into a thriving multifamily destination,” adds Mercedes Montalvo, Senior Vice President, of Regions Bank.

“From our early conversations with Allen Morris, Principal Real Estate Investors gained a lot of confidence in being culturally aligned along with Allen Morris’ ability to execute on The Maxwell development plan. We have been watching this area of Orlando evolve and are excited to partner with the team they’ve put together as well as the opportunity to extend our relationship with Regions. Principal believes in the strong fundamentals within this market and looks forward to delivering a first-class multi-family community.” adds Rob Klinkner, Managing Director for Principal Real Estate Investors.

Dwell Design Studio, an award-winning architecture, planning and interior design firm, and Shim Studios as interior designer will spearhead the project.

The Maxwell at Xentury City is close to all the theme parks including Disney World and Universal Studios and has developed a major transportation network to access the site. The site is also 30 minutes from Downtown Orlando and 20 minutes from Orlando International Airport.