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MG, Baron score $18M loan to acquire Hialeah homes for apartment project
JV is buying roughly 20 houses to be redeveloped into 663-unit rental building called Metro Parc North
MG Developer and Baron Property Group snagged an $18 million loan to acquire a block of Hialeah single-family houses to be redeveloped into a multifamily project.
New York-based RMWC provided the financing for the planned bulk purchase, according to a press release. Ayush Kapahi with HKS, and Jeffery Donnelly and Dmitry Levkov with Colliers arranged the loan.
Coral Gables-based MG and New York-based Baron plan to acquire about 20 homes on East 26th Street between East Ninth and 10th avenues in Hialeah, a spokesperson for the joint venture said. The assemblage is where the joint venture plans to build Metro Parc North, a 663-unit, 10-story apartment building representing the third phase of a larger $600 million multifamily project called Metro Center.
Between 2021 and last year, the joint venture spent about $55 million acquiring homes and vacant lots for two other planned apartment buildings. The entire development will span 9 acres near Hialeah Hospital.
In September, MG and Baron scored a $148 million construction loan, and shortly after that broke ground on the first phase. Metro Parc, a 10-story building with 560 units at 983 East 26th Street, is slated for completion in 2026, the release states. The second phase is Metro Parc South, a 347-unit building at 934 and 954 East 25th Street that the joint venture anticipates completing in 2027.
MG, led by CEO Alirio Torrealba and Barron, led by Matthew Baron, are also planning to have more than 35,000 square feet of ground-floor retail space at Metro Center, the release states.
Torrealba’s firm is also building another apartment project in Hialeah called Metro Station. In April, the Hialeah City Council approved the rezoning of a 0.2-acre parcel with a gas station and a convenience store for multifamily use.
Metro Station will rise 8 stories and will have 55 rental units. The development site is adjacent to the Tri-Rail/Metrorail Transfer Station in unincorporated Miami-Dade County.