MG Developer and Baron Property Group secured a $148 million construction loan for a nearly 600-unit planned apartment complex in Hialeah, as development ramps up in the city.
Coral Gables-based MG Developer, led by CEO Alirio Torrealba, and New York-based Baron Property Group, led by Matthew Baron, expect to break ground on Metro Parc in December and complete the project in the second quarter of 2024. Post Road Group provided the 30-month loan for the development planned for 955 East 25th Street and 980 East 26th Street, according to a press release. Stamford, Connecticut-based Post Road is an alternative investment firm.
Metro Parc is a planned two-building, 10-story, 559-unit project that will mark the tallest residential development in Hialeah. The developers assembled the site for about $12.7 million last year, records show.
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Ayush Kapahi of HKS Real Estate Advisors and Colliers International’s Dmitry Levkov and Jeffrey Donelly arranged the financing.
Units at Metro Parc will range from 500 square feet to 800 square feet, and the buildings will have co-working spaces, a pool, gym, a marketplace and ground-floor retail space, according to the release.
Developers and major investors have been flocking to Hialeah, where apartment rents and home prices have surged. Prestige Companies recently sold a multifamily portfolio in Hialeah for $17.2 million, or 30 percent more than it paid for the properties a year ago.
A joint venture between Prestige and Florida Value Partners also plans to redevelop a Salvation Army site at 7450 West Fourth Avenue into 100 two-story townhouses and a three-story retail and apartment building.
Earlier this year, Dacar Management, a Dania Beach-based firm, scored an $81 million construction loan for a 244-unit apartment and retail project at 3685 West 85th Path in Hialeah.
Metro Parc marks the first project in Hialeah for MG Developer and Baron Property Group. MG’s other developments include the planned Gables Village, the completed Althea Row and soon-to-be-completed Biltmore Row, all in Coral Gables. This month, the company and its partner Baron Property Group finished assembling land near Coconut Grove and Coral Gables for a two-tower apartment project south of Bird Road.