Alta Developers Lands $60M to Build Miami-Dade Multifamily Development
By Julia Echikson October 10, 2025 2:15 pm
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Alta Developers secured a $60 million construction loan for a multifamily development at the southern end of Miami-Dade County, property records show.
The financing from City National Bank of Florida will fund the construction of a 308-unit rental community at 24450 Southwest 127th Avenue, west of Route 1, in the Princeton neighborhood, per filings to Miami-Dade County. The Miami-based developer’s website shows that the project will include 11 buildings ranging from three to seven stories.
Alta Developers broke ground this week.
The construction loan’s unpaid balance will never exceed $120 million, according to the loan documents. Perhaps in a sign of the tough landscape to secure debt, as collateral, the developer has included Casa Bella by B&B Italia, a luxury condo tower near Downtown Miami that’s under construction in partnership with Related Group. The documents also suggest that Raimundo Onetto, Alta’s CEO, has put down personal guarantees.
Alta Developers assembled the 11-acre site for nearly $13 million between 2021 and 2023. Plans for the second phase include 226 units across nine buildings.
Representatives for Alta and City National Bank of Florida did not immediately respond to requests for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
