Terra Lands $245M Financing for Newly Completed Upland Park Development
Terra secured a $245 million bridge loan for the newly completed first phase of Upland Park, a $1 billion, 47-acre mixed-use transit-oriented development in West Miami-Dade County. The loan was provided by SCALE Lending, the debt financing arm of Slate Property Group. SCALE provided the financing following the completion of the 578-unit multifamily community, which is already more than 60% leased in less than 90 days since opening earlier this summer. Construction of the project’s second residential phase, which will add another 484 multifamily apartments, is expected to begin later this year.
Located at 1455 NW 121st Avenue, Upland Park’s first residential phase features a mix of studio, one-, two- and three-bedroom residences with select den layouts, ranging from approximately 700 to 1,528 square feet. Monthly rental rates start in the $2,000s.
The project is designed by PPK Architects, in collaboration with master plan architect Arquitectonica.
Community amenities include a pool and separate children’s pool, clubhouse, pickleball courts, outdoor grilling and gathering areas, playground, dog park, game lawn and landscaped green spaces overlooking the community lake.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout