Terra Nabs $245M Bridge Loan for 47-acre Project in Miami-Dade: Update

Terra has secured a $245 million bridge loan for the first phase of a 47-acre transit-oriented development near the edge of Miami-Dade County, the Miami-based development firm announced. 

The floating-rate financing from Scale Lending, the debt financing arm of Slate Property Group, covers 578 apartments within the Upland Park mixed-use development at 1455 Northwest 121st Avenue, part of county-owned land adjacent to Dolphin Station Park and Ride Transit Terminal. 

The loan runs through September 2027 and includes two six-month extension options, according to a representative for Slate Property Group. Terra is now looking to refinance the asset, per a spokesperson for Terra.

The first phase — completed this year — includes nine garden-style residential buildings, each three stories tall. They’re located west of the Dolphin Mall, near the intersection between the Florida Turnpike and Dolphin Expressway. New York-based Slate Property Group had provided the $170 million construction loan in 2024. 

Today, more than 60 percent of apartments have been leased, with monthly rents starting at $2,000, according to a representative for Terra, which is led by David Martin. Later this year, the developer expects to break ground on the second phase, which will feature 484 apartments.

In 2021, Terra struck a 97-year ground lease with Miami-Dade County, which projected earning nearly $1.2 billion during the lease term. 

In all, Upland Park is expected to house more apartments as well as retail and commercial space, with master-plan architect Arquitectonica and urban planners Plusurbia Design. A representative for the developer declined to provide additional details. 

Update: The story has been updated to reflect that the loan is a bridge loan, rather than a permanent loan as previously reported.

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