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Duo Secures $127M Loan for Hialeah Rental Community – Connect CRE

by | Jan 31, 2024 | 0 comments

Terra and New Valley, the development partners behind Natura Gardens, a new multifamily community in Miami’s Hialeah neighborhood, have secured $127 million in permanent financing. The loan, issued by an affiliate of MF1 Capital, will be used to pay off and refinance an existing $65 million construction loan, provided in 2021 by Bank OZK. Completed in Summer 2023, Natura Gardens includes 460 garden-style rental apartments across 23-acres. 

At more than 97% leased, Natura Gardens’ one- to three-bedroom apartments measure 727 and 1,603 square feet, with rental rates ranging from approximately $2,000 to $3,350 per month.

Walker & Dunlop’s New York Capital Markets team, led by Keith Kurland arranged the loan proceeds to refinance the existing construction loan of Natura Gardens.

Amenities at the gated community include a two-story clubhouse with a resort-style pool and spa; lounge with a bar and kitchen; a fitness center; a business center with co-working spaces and a coffee bar.

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