MG Developer JV Scores $148M for Luxury Miami-Area Project – Multifamily Real Estate News
A joint venture between MG Developer, Baron Property Group and Township Capital has obtained $148 million in construction financing for Metro Parc, a 559-unit luxury multifamily project in Hialeah, Fla. Colliers secured and HKS Real Estate Advisors procured the 30-month loan from Post Road Group. The development will break ground in December 2022 and is expected to come online in the spring of 2024.
Metro Parc marks MG Developer’s first residential project that kickstarted its multifamily rental buildings division. The developer acquired the 2.5-acre site in the fourth quarter of 2021.
Other Miami-area projects followed; in May, MG Developer and Baron Property Group announced the $204 million Merrick Parc in the metro’s Coral Gables submarket, with groundbreaking expected in the first quarter of 2023.
A future luxury community in the City of Progress
Designed by MODIS Architects to become the tallest residential development in Hialeah, Metro Parc will have units ranging from 500 to 800 square feet. Amenities at the two 10-story buildings are set to include an outdoor kitchen, pool, gym and food marketplace. Coworking spaces, ground-level retail and parking will also be available.
The community will take shape at 955 E. 25th St. and 980 E. 26th St., less than half a mile west of the Metrorail and Tri-Rail Transfer Station, less than half a mile east of Hialeah Hospital and roughly 3 miles south of Amelia Earhart Park. Miami International Airport will be some 5 miles south, while downtown Miami will be less than 10 miles southeast. Several shopping, dining and entertainment options will also be available within a 1-mile radius.
Ayush Kapahi of HKS Real Estate Advisors procured the loan, while Colliers Managing Director Dmitry Levkov and Executive Director Jeffrey Donelly formed the Structured Finance Group team that arranged the financing.
