Terra, New Valley Score $127M Permanent Loan for Hialeah Gated Community
By Julia Echikson January 31, 2024 1:17 pm
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David Martin’s Terra and Vector Group’s New Valley raised $127 million in permanent financing from MF1 Capital for a multifamily community in Northwest Miami-Dade County.
Called Natura Gardens, the 23-acre development features 460 garden-style apartments at 17351 NW 94th Court in Hialeah. Amenities include a two-story clubhouse with a resort-style pool and spa as well as coworking spaces and a fitness center.
The property is now 97 percent leased, with monthly rents ranging from $2,000 for a 727-square-foot one-bedroom unit to $3,350 for a 1,603-square-foot three-bedroom, according to a representative for Terra.
The joint venture completed Natura Gardens last year. The newly secured financing will go toward paying down the $65 million construction loan that Bank OZK provided in 2021 and refinancing the gated community.
“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,” Terra CEO Martin said in a statement.
Walker & Dunlop’s Keith Kurland, Aaron Appel, Jon Schwartz, Adam Schwartz and Michael Diaz arranged the MF1 mortgage.
The financing comes less than a week after Terra, one of Miami’s most prominent developers, secured another permanent financing loan: $245 million from JPMorgan Chase for the mixed-use Grove Central development in Coconut Grove, which was completed this year.
New Valley is the real estate investment subsidiary of Vector Group, led by Howard Lorber. The Miami-based firm owned residential brokerage Douglas Elliman until 2021, when it spun off into a stand-alone, publicly traded company.
Julia Echikson can be reached at jechikson@commercialobserver.com.
