Terra scores $65M loan for Northwest Miami-Dade project

460-unit garden-style community will be along NW 170th Street

Terra’s David Martin and renderings of the project (Terra, iStock)
Terra’s David Martin and renderings of the project (Terra, iStock)

Terra is moving forward with its multifamily project in northwest Miami-Dade County, near the planned American Dream Miami mega-mall.

Terra and New Valley secured a $64.8 million construction loan from Little Rock, Arkansas-based Bank OZK for Natura Gardens, a 460-unit development planned for a 23-acre site along Northwest 170 Street between Interstate 75 and Florida’s Turnpike near Miami Lakes.

Construction started in February and vertical construction of the 12 three-story buildings will start within a month, with completion slated for late 2022, according to a press release.

The gated community will offer one- to three-bedroom units, ranging from 727 to 1,476 square feet. Units will have large balconies, custom shaker-style kitchen cabinets, kitchen islands, stainless-steel appliances, washers and dryers and walk-in closets.

Community amenities will include a clubhouse, pool and spa, a tot-lot playground, lounge, gym, business center, residents-only dog park, covered kitchen area for grilling with a sink and refrigerator, tiki huts, and a walking and running trail.

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In February, Coconut Grove-based Terra, led by father-son duo Pedro and David Martin, sold 45 acres of the 72-acre site for $53.5 million, after scrapping plans to build a multi-phased project with 1,400 apartments. Buyers Butters Group and Greystar will develop 500,000 square feet of industrial space and a 360-unit multifamily community, according to a CBRE press release.

Terra bought the 72 acres in December 2019 from industrial builder and operator Prologis $52 million.

Miami-based New Valley, led by Howard Lorber, is a subsidiary of publicly traded holding company Vector Group, also based in Miami, according to New Valley’s website. New Valley owns the brokerage Douglas Elliman.

Northwest Miami-Dade is poised to get more development. Triple Five, which plans to build American Dream Miami just north of Natura Gardens, in June completed a 40-acre land swap with the Graham Companies for the mall.

Graham Companies, which is based in Miami Lakes and developed the town, sold most of the land to Triple Five for the mall and also plans a $1.6 billion mixed-use project nearby with apartments, a business complex and retail.