Prestige Companies scored a $12.4 million construction loan for a workforce housing project to be built on the site of a former mobile home park in central Miami-Dade County.
Miami Lakes-based Prestige and Miami-based Florida Value Partners are building the $17 million The Trail garden-style community at 1040 Southwest 70th Avenue, along the planned Ludlam Trail linear park, according to a press release. Conway, Arkansas-based Centennial Bank provided the loan.
The financing is for the first phase, which will include two three-story buildings with 84 units on 2 acres. Construction will be completed in the first quarter of next year, according to the release. The second phase will have five three-story buildings with 230 units. It is expected to be completed in the third quarter of next year.
The Trail will have one- and two-bedroom apartments, with rents ranging from $1,600 to $1,900 a month. Amenities will include an outdoor gym and a dog park.
Prestige Companies assembled the 8-acre development site over the past four years by acquiring ownership interest in landowner Lion Miami Terrace, and by purchasing some of the lots through deeds, according to Alexander Ruiz, Prestige’s chief operating officer. He declined to disclose the acquisition price of the assemblage.
The 5.6-mile Ludlam Trail will stretch from Southwest 80th Street north to Northwest Seventh Street, mostly along the former Florida East Coast Railway path. It will connect with The Underline, another county linear park that is to stretch 10 miles underneath the Metrorail tracks from Brickell to the Dadeland South Metrorail station. The first phase from Brickell Backyard to Southwest 13th Street is open, according to The Underline’s website.
This is the latest in a series of Miami-Dade multifamily construction loans that developers have scored in recent months. The Estate Companies secured $29.5 million to convert a long-closed Hialeah Ramada Inn into 251-unit Alture Westland; and The Astor Companies scored $32.4 million to build the mixed-income, 199-unit Douglas Enclave near Miami’s Flagler Street.
In one of the biggest financing deals, Terra nabbed $64.8 million for the construction of the 460-unit Natura Gardens near American Dream Miami mega-mall and just outside Miami Lakes.