Growing Hialeah Getting More Multifamily With $8.7M Bank Loan
The new 94-unit apartment complex will have only one-bedroom units based on the developer's experience with what's in demand.
Hialeah is expanding its residential inventory after one of the most active developers in the city secured financing for its latest project.
Prestige Cos., a Miami Lakes-based developer, bagged an $8.7 million loan for its 640 West Apartments from Centennial Bank.
Centennial Bank president J.C. de Ona and senior commercial lender Joe Garcia in Miami worked with Prestige chief operating officer Alex Ruiz to close the deal Aug. 27.
The garden-style project will have two three-story buildings with 94 one-bedroom apartments. There will be two ground-floor retailers.
The apartments will rise southwest of West 18th Street and Eighth Avenue at 640 West 18th St. It will be completed in the second quarter of 2020.
The loan covers 70% of the total $12.4 million project cost.
Hialeah, a working-class city in northwest Miami-Dade County with a large Cuban-American population, is poised for growth and redevelopment.
Prestige has been active in Hialeah, completing over 800 units and 100,000 square feet of retail. Its projects include the 174-unit Las Vistas at Amelia apartment complex to be completed in October southeast of the Gratigny Expressway and Red Road.
Prestige also is developing Ronny’s Place Apartments, a 12-unit building with ground-floor retail at 4260 Palm Ave., and completed Palm West Apartments, an 108-unit development at 2405-2453 W. 78th St.
Prestige opted for only one-bedroom units at 640 West Apartments because of high demand at Prestige’s other Hialeah projects.
Other projects coming to Hialeah are Pura Vida Hialeah, which will bring 260 apartments and 51,000 square feet of retail on 9 acres northeast of Okeechobee Road and Milam Dairy Road.
Developers Avra Jain and David Martin, president of Miami-based Terra Group LLC, partnered to renovate a 6-acre industrial complex at 4800 NW 37th Ave. and will reopen it with food and beverage tenants.
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