13th Floor, Barings Land $125M To Build Rental Tower in Miami

13th Floor Investments and Barings have secured a $125 million construction loan to build a multifamily tower at the Link at Douglas mixed-use development between Miami’s Coconut Grove and Coral Gables, the joint venture announced. 

The financing, from a syndicate of Santander Bank and TD Bank, covers Cadence, a 35-story high-rise with 432 apartments, adjacent to the Douglas Road Metrorail station. About 12 percent of units will be set aside as workforce housing for those earning up to 120 percent of the area’s median income. 

Construction is expected to take 33 months to complete. 

13th Floor Investments, led by Arnaud Karsenti, and Barings, the global investment division of MassMutual Insurance, have co-developed much of the 7-acre Link at Douglas project, which sits on land owned by Miami-Dade County. 

Alongside the Alden Group, the two firms completed the first phase, the 312-unit Core building, in 2022. That same year, Miami-based 13th Floor Investments recapitalized the 21-story property, bringing the Lefrak Organization as an investor, as part of a $127 million deal.

The second phase, developed by 13th Floor Investments and Alden Group, was completed in 2023. It includes the 421-unit Cascade buildings and more than 30,000 square feet of retail space anchored by a Milam’s Market grocery store. 

Plans for a fourth and final tower are still in the works, but will likely include another 400 residential units. At 3650 Bird Road, a joint venture among 13th Floor Investments, LeFrak and Related Group has filed plans for two residential towers, one rising 27 stories and the other 29 stories, The South Florida Business Journal reported.

Update: The story was updated to include the project on Bird Road.

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