Developers nab $31M construction loan for Hialeah apartment complex

Partnership broke ground on a 226-unit Villas de las Palmas

Feb.February 22, 2017 11:15 AM

Villas de las Palmas. Inset: developer Tom Cabrerizo

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.

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