Developer of MiLa apartments scores $59M loan for third phase of construction

Pasadena at California Club is seeking to build 486 apartments in north Miami-Dade County

TRD MIAMI /
Feb.February 11, 2019 08:45 AM

MiLa apartments

The developer of the MiLa apartments in north Miami-Dade County scored a $59 million loan to begin construction on the third phase of the 1200-unit apartment complex.

Pasadena at California Club, led by Robert Miller, is planning to build 12 residential buildings with 486 apartments as well as a clubhouse and a pool at 20941 San Simeon Way, property records show.

The group secured the loan from Synovus Bank, according to property records. A call to the development group was not immediately returned.

The MiLa Apartments total 74 acres, according to property records. The apartments range from one to three bedrooms with monthly rents from $1,500 to $1,900, according to MiLa’s website. Amenities include a community park with a basketball court and soccer field, an Olympic-sized swimming pool, and a movie theater and game room.

While the condo market has slowed down, multifamily has remained one of the best performing asset classes in South Florida. Developers are building new apartments as the area suffers from a housing shortage, experts say.

In Greater Downtown Miami alone, more than 24,000 multifamily units are in the pipeline this cycle, and roughly 11,000 units have been delivered or are under construction, according to Integra Realty Resources.


Related Articles

arrow_forward_ios
2021-2035 Meridian Avenue, Rani Hussami and Colin Rockson

AquaBlue Group owner lists South Beach apartments for $14M

Gustavo Miculitzki, Jon Paul Perez, and Jay Roberts with a rendering of the project

Related, Block Capital sign deal with short-term rental operator

Daily Digest Miami

Canadian investment group pays $103M for Lauderdale Lakes apartments, Macy’s warns of weak holiday sales

3700 Pacific Point Place and Yaakov Frankforter (Credit: LinkedIn)

Canadian investment group pays $103M for Lauderdale Lakes apartments

Mika Mattingly and Cecilia Estevez with the Mid Bay Club Apartments

Bayfront development site in North Miami hits the market

The Eureka Drive site, Deme Mekras, Elliot Shainberg

Garco buys Miami-Dade land for multifamily project

FCP’s Palm Beach County portfolio and Bruce Gago

FCP pays $86M for three Palm Beach County apartment communities

WATCH: Developers and co-living operators shed light on the growing industry

WATCH: Developers and co-living operators shed light on the growing industry

arrow_forward_ios