MG Developer and Baron Property Group have secured an $18 million loan for the acquisition of a block of single-family houses in Hialeah, slated for redevelopment into a multifamily project. The financing was provided by New York-based RMWC, with Ayush Kapahi of HKS and Jeffery Donnelly and Dmitry Levkov of Colliers facilitating the loan.
The joint venture, based in Coral Gables and New York, plans to acquire approximately 20 homes on East 26th Street in Hialeah, situated between East Ninth and 10th avenues. This assemblage will serve as the site for Metro Parc North, a 10-story, 663-unit apartment building, constituting the third phase of the larger $600 million Metro Center multifamily project.
Over the past year, the joint venture invested roughly $55 million in acquiring homes and vacant lots for two other planned apartment buildings. The entire development spans 9 acres near Hialeah Hospital.
In September, MG and Baron secured a $148 million construction loan, subsequently commencing construction on the first phase. Metro Parc, a 10-story building with 560 units located at 983 East 26th Street, is projected to be completed by 2026. The second phase, Metro Parc South, featuring 347 units at 934 and 954 East 25th Street, is anticipated to be finished in 2027.
Additionally, MG and Baron are planning to incorporate over 35,000 square feet of ground-floor retail space at Metro Center.
In partnership with Coral Gables-based FC&E, Torrealba’s firm is also underway with another apartment project in Hialeah named Metro Station. In April, the Hialeah City Council approved the rezoning of a 0.2-acre parcel, originally housing a gas station and convenience store, for multifamily use. Metro Station is set to rise 10 stories, offering 559 rental units, and is located adjacent to the Tri-Rail/Metrorail Transfer Station in unincorporated Miami-Dade County.
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