ACRE Lands $123M to Build Second Miami Rental

Acre, previously known as Asia Capital Real Estate,  secured $123 million in financing to build a second multifamily development in Miami’s Upper Eastside neighborhood, property records show.

Canyon Partners provided the floating-rate debt for Adela II at MiMo Bay at 685 Northeast 64th Street, just south of Legion Park near Biscayne Boulevard in the MiMo Biscayne Boulevard Historic District.

Earlier this year, local officials approved plans for a 337-unit development, where 20 apartments will be reserved for those making between 80 and 120 percent of the area median income. The Corwil Architects-designed project will also include 510 parking spots. The developer purchased the 2.6-acre site for $19 million.

As part of the agreement with the City of Miami, ACRE will build public parking and make a $1 million donation to the office of Miami City Commission Commissioner Christine King to use within her district.

The six-story development will rise just west of the Adela at MiMo Bay building, which ACRE completed in 2020. Last year, Nuveen Real Estate provided $72 million to refinance the five-story, 236-unit building. 

A representatives for Canyon Partners did not immediately respond to a request for comment.

Update: The story was updated to reflect the developer’s name change.  The story previously referred to the firm as Asia Capital Real Estate.

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