Developers nab $31M construction loan for Hialeah apartment complex

Miami /
Feb.February 22, 2017 11:15 AM

Updated. 3:40 p.m., Feb. 22: A company tied to CFH Group and Cayon Development Group closed on a $30.8 million loan for on a new apartment complex under construction in Hialeah.

Records show Villas de las Palmas LLC broke ground on a 226-unit multifamily building at 3500 West Ninth Avenue. City National Bank is the lender. The company is controlled by Tom Cabrerizo, CFH Group principal, and Maurice Cayon of Cayon Development Group.

Villas de las Palmas will have two- and three-bedroom apartments ranging from 1,014 square feet to 1,300 square feet, according to CFH. Community amenities will include a swimming pool and sun deck with WiFi, dog park and interior courtyards. The units will have a washer and dryer, balconies, ceramic tile floors, walk-in closets and breakfast bars.

It’s slated for completion in March 2018, a spokesperson told The Real Deal. Two-bedroom apartments will start at $1,600 a month, while three-bedrooms will rent for at least $1,800 a month.

Records show the developers bought the 10.11-acre site between 2014 and 2015 for a combined $7.4 million. The Hialeah City Council approved the project in 2015 despite opposition from neighbors, CBS Miami reported at the time.

Both developers have other properties in Hialeah. CFH, based in Miami, completed a new market-rate apartment building within an affordable housing complex in Hialeah last year. The firm added 22 fully leased apartments to Meadowgreen Apartments, a now 141-unit community at 1955 West 54th Street.

Cabrerizo is also part of the development team behind Gables Auto Vault, a five-story luxury car condo building near CFH’s office, on Bird Road and Southwest 38th Court in Miami.

Cayon is a family run builder of residential and commercial properties in South Florida. The company paid $11 million for a shopping center nearby in Hialeah at 3800 West 12th Avenue in 2015.


Related Articles

arrow_forward_ios
Miami-Dade County slapped with ethics complaint over approval of 550-home Calusa project
Miami-Dade County slapped with ethics complaint over approval of 550-home Calusa project
Miami-Dade County slapped with ethics complaint over approval of 550-home Calusa project
Now streaming: TRD’s podcast Deconstruct on what’s next for Surfside
Now streaming: TRD’s podcast Deconstruct on what’s next for Surfside
Now streaming: TRD’s podcast Deconstruct on what’s next for Surfside
Michael Stern accused of “duping investors” in Monad Terrace project
Michael Stern accused of “duping investors” in Monad Terrace project
Michael Stern accused of “duping investors” in Monad Terrace project
Alta Developers’ Raimundo Onetto in front of the development site (Google Maps)
Heading south: Alta buys dev site for apartment complex near Homestead
Heading south: Alta buys dev site for apartment complex near Homestead
Grant Cardone and a rendering of LAs Olas Walk (Cardone Capital, ZOM/McNeal Realty)
Grant Cardone to buy $750M in SoFla apartments
Grant Cardone to buy $750M in SoFla apartments
The current building on Dania Beach (Google Maps)
Shuttered Dania Beach waterfront restaurant could get new life as Lucky Fish
Shuttered Dania Beach waterfront restaurant could get new life as Lucky Fish
Jungle Island owner sells Jupiter office building to New York self storage firm for $12M
Jungle Island owner sells Jupiter office building to New York self storage firm for $12M
Jungle Island owner sells Jupiter office building to New York self storage firm for $12M
Arnaud Karsenti, managing principal of 13th Floor Investments (iStock, 13th Floor)
Brickell church votes to sell waterfront land to developer for condo tower
Brickell church votes to sell waterfront land to developer for condo tower
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...