David Martin’s Terra scored a $291 million refinancing for the recently completed first phase of a 38-acre mixed-use project near Miami’s Little Havana.
The Coconut Grove-based developer secured a $187 million loan from JVP Management secured by three eight-story buildings with 470 apartments. The buildings are expected to have their first tenants move in this March, a press release states. Hudson Bay Capital also provided Terra with a $104 million loan for Centro City Plaza, a 350,000-square-foot adjacent strip mall that underwent a renovation and expansion.
The new loans will be used to pay off the first phase’s $230 million in construction financing provided in 2022 by Apollo Global Management and Mack Real Estate Credit Strategies, the release states.
A Walker & Dunlop team led by Keith Kurland and Gangemi Law Group represented Terra. Hudson Bay Capital was represented by a Holland & Knight legal team led by partners Joe Dewey and Brett Holland, the release states.
Across the street from Magic City Casino, Centro City Plaza is 95 percent leased, with tenants including Target, Ross Dress for Less, DD’s, Fresco y Mas, Walgreens and Bank of America. Designed by Coconut Grove-based RSP Architects, the revamped shopping center features a new facade, new common areas, new landscaping and new signage.
Designed by Coconut Grove-based Arquitectonica, the multifamily buildings line the perimeter of Centro City Plaza, and have a mix of studios, one- and two-bedroom apartments ranging from 500 square feet to 1,250 square feet. Monthly rents start at $2,500 a month, the release states.
When fully built, Centro City will have 1,200 apartments, the shopping center, a new office building and a new charter school. Terra expects to break ground on the second phase, which entails 518 apartments, this year, according to the release.
In 2020, Terra purchased the Centro City site for $28.6 million from an entity managed by members of the Havenick family, the previous owners of Magic City Casino.
Centro City marks the third Terra project to land a nine-figure financing since last month. In December, the firm and partner One Thousand Group scored a $285 million construction loan for Villa Miami, a planned Major Food Group-branded condo tower in Miami’s Edgewater. Terra also nabbed a $170 million construction loan for the first phase of Upland Park, a planned $1 billion mixed-use project near Sweetwater’s Dolphin Mall.