MG Lands $105M Construction Loan Miami-Dade Resi Development

MG Developer has secured a $105 million construction loan from SCALE Lending for a transit-oriented multifamily development in Miami-Dade County.

Called Metro Parc South, the project is set to house 347 apartments at 954 and 934 East 25th Street in Hialeah, two blocks east of a Tri-Rail and Metrorail station. The Coral Gables-based developer purchased the 1.1-acre site for $10.5 million last year, according to property records. 

Even as interest rates remain elevated and tariffs raise the cost of construction, some developers still see potential in multifamily projects in South Florida, where occupancy is over 95 percent and rents have grown by 1 percent over the past year, according to data from Berkadia.

The 10-story development is part of the Metro Parc project. MG, led by Alirio Torrealba, partnered with Baron Property Group in a 50-50 deal to develop the first Metro Parc building. That 10-story building, completed this year, features 559 apartments and over 15,000 square feet of retail next door at 955 East 25th Street. 

In all, the Metro Parc development is set to include 2.3 million square feet of multifamily and retail.

MG is also building the 55-unit Metro Station at 2691 East 11th Avenue. Last month, Baron Property Group obtained a $206 million construction loan for Metro Parc North, a 661-unit development at 901 East 26th Street, without MG.

Julia Echikson can be reached at jechikson@commercialobserver.com.