MG Developer, Baron Property secures $148m construction loan
MG Developer and Baron Property Group have secured a $148 million construction loan for a planned nearly 600-unit 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, plan to open Metro Parc in December and complete the project in the second quarter of 2024. Post Road Group provided the 30-month loan for the planned development at 955 East 25th Street and 980 East 26th Street, according to a press release. Post Road, based in Stamford, Connecticut, is an alternative investment firm.
Metro Parc is a planned two-building, 10-story, 559-unit project that will mark Hialeah’s tallest residential development. Developers put the site together for around $12.7 million last year, records show.
Ayush Kapahi of HKS Real Estate Advisors and Dmitry Levkov and Jeffrey Donelly of Colliers International arranged the financing.
Units at Metro Parc will range from 500 square feet to 800 square feet, and the buildings will have coworking spaces, a swimming pool, gym, market and retail space on the ground floor, according to the release.
Developers and major investors flocked to Hialeah, where apartment rents and house prices surged. Prestige Companies recently sold a multi-family portfolio in Hialeah for $17.2 million, 30% 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, Dania Beach-based Dacar Management secured 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. Other MG developments include the planned Village of Gables, the completed Althea Row and the soon to be completed Biltmore Row, all in Coral Gables. This month, the company and partner Baron Property Group completed assembly of land near Coconut Grove and Coral Gables for a two-tower apartment project south of Bird Road.