MG Developer will soon break ground on a Hialeah multifamily project after scoring a $105 million construction loan.
Scale Lending, a joint venture between Slate Property Group and The Carlyle Group, provided the financing for Metro Parc South, a planned 10-story building with 347 apartments at 954 and 934 East 25th Street, a press release states. Coral Gables-based MG Developer, led by Alirio Torrealba and Diego Torrealba, plans to begin construction in the second quarter of this year.
In January, MG Developer began demolition of three small apartment buildings, a retail building and a single-family home on the 1.8-acre assemblage, records show. The firm paid $6.3 million for the development site last year.
Designed by Miami-based Modis Architects, Metro Parc South will feature a mix of studios, one- and two-bedroom apartments.
Recently, MG Developer and New York-based Baron Property Group completed Metro Parc, another 10-story, two-tower project with 559 apartments adjacent to the Metro Parc South site. They secured a $148 million construction loan for it in 2022.
The joint venture was also co-developing Metro Parc North, a planned eight-story building with 661 units at 901 East 26th Street. But Baron Property Group, led by Matthew Baron, bought out MG Developer’s 50 percent stake in the project in December. Last month, Baron Property Group secured a $206 million construction loan for Metro Parc North from Post Road Group.
MG Developer currently has a pipeline of projects across Miami-Dade County. In February, the firm and a partner, Vertical Developments, launched sales for Alhambra Parc, a 78-unit boutique condominium in Coral Gables, after landing a $14.5 million preconstruction loan for the project.
In October, MG Developer partnered with Miami Beach-based Prosper Group to buy a waterfront development site in North Bay Village for $30.9 million. The joint venture plans to build a 340-foot tower with 147 condos on the 1-acre property.
Also last year, MG Developer paid $36 million for Regency Miami Airport by Sonesta, a five-story hotel near Miami International Airport. The firm plans to build a multifamily project with 220 units on a vacant portion of the hotel site.