Prestige scores $20M construction loan for 114-unit apartment complex in Hialeah

Prestige Companies scored a $20 million construction loan for a 114-unit apartment complex in Hialeah, marking the development firm’s continued wager on the city’s multifamily market. 

Miami Lakes-based Prestige plans a pair of three-story buildings and 4,000 square feet of commercial space at 1001 Southeast 11th Street, according to records and the firm’s website. The project, called Market Station North, is near Tri-Rail’s Hialeah Market Station. 

An affiliate of Boca Raton-based Amzak Capital Management provided the loan. 

Last year, Prestige bought the 2-acre development site, consisting of a 14,000-square-foot industrial facility, for $5.8 million, records show. The Hialeah City Council voted to rezone the property as a transit-oriented development district and gave final approval of the project this year. 

Market Station South will offer one- and two-bedroom apartments, according to Prestige’s website. 

Led by Marty Caparros Jr., Prestige has a real estate portfolio valued at over $1.2 billion in Florida, including 15,000 residential units, 200,000 square feet of commercial space and 1,000 acres of land, the firm’s website says. 

In Hialeah, Prestige and Florida Value Partners are building 100 townhouses for rent and a three-story building with 12 apartments atop 5,000 square feet of retail at 7450 West Fourth Avenue. In January, the developers scored a $20.5 million construction loan for the project. 

Prestige also is redeveloping a 13.1-acre portion of the 200-acre Hialeah Park Racing & Casino with a 343-unit apartment complex and a Mater Academy charter school. In July, Prestige and project partner John Brunetti Jr., president of Hialeah Park, scored a $60.7 million construction loan for the project, called Flamingo Village. 

Prestige also completed several Amelia-branded projects in Hialeah, named in an homage to Amelia Earhart. Earhart, who attempted to become the first woman pilot to fly across the globe, but disappeared in the Pacific Ocean, made her final U.S. stop in an airfield in Hialeah. 

Prestige’s Amelia mixed-use district has 30 apartments and two commercial units totaling 17,000 square feet at 7755 West Fourth Avenue, and Las Vistas at Amelia has 174 apartments at 7925 West 2nd Court.