Mixed-Use Project in Hialeah Scores $81M Financing

reprints


Dania Beach development firm Dacar Management has secured $81 million in construction financing for a mixed-use project in Hialeah that includes a Publix-anchored shopping center and 244 apartments, according to a mortgage recorded this week.

The project is on 70 acres at the northwest corner of NW 138th Street and NW 97th  Avenue in the Miami-Dade County municipality of Hialeah. Site work is underway, and construction is scheduled for completion in late 2023.

SEE ALSO: Saks Fifth Beverly Hills Set for Major Redevelopment

The project focuses on two hot corners of commercial real estate – grocery-anchored retail and residential space. Called Shoppes of Highland, the development will include a 190,000-square-foot shopping center featuring Publix, Publix Liquors, retailer HomeGoods, a Taco Bell and discount apparel retailers Burlington, Five Below and Famous Footwear. The Residences of Highland will feature 244 garden-style multifamily units in four- and five-story buildings.

Aztec Group, a Miami-based merchant banking firm, arranged the construction-to-permanent financing.  

The lender is New York Life Insurance, according to public records. Dacar will pay interest only for three years, and then the mortgage will convert to a 27-year fixed-rate loan.  

“The construction-to-perm execution is reserved only for those borrowers focused on a long-term hold strategy on generational assets, eliminating interest rate risk for decades,” Sean Harrington, managing director at Aztec Group, said in a statement.

Jeff Ostrowski can be reached at jostrowski@commercialobserver.co