Partnership Attains $65M Loan for Miami Multifamily Project
Terra and New Valley have secured the construction financing from Bank OZK to fund the new 23-acre, 460-unit multifamily community, Natura Gardens.
MIAMI, FL – Development partners, Terra and New Valley have secured $64.8 million in construction financing for the development of the new 23-acre, multifamily community, Natura Gardens, in Northwest Miami-Dade County.
Cushman & Wakefield arranged and secured the financing from Bank OZK on behalf of the development team. The partners will utilize the loan to fund the ongoing construction of the apartment development.
The community, situated along NW 170th St., between Interstate 75 and Florida’s turnpike, will consist of 460 garden-style apartments throughout 12 three-story residential buildings.
The multifamily properties will offer one-, two- and three-bedrooms unit, which will range from 727 square feet to 1,476 square feet in size. The units will feature expansive balconies, custom kitchen cabinetry, built-in pantries, stainless-steel appliances, in-unit washers and dryers, walk-in closets and en-suite bathrooms.
The gated community’s two-story clubhouse will feature a resort-style pool and spa, a covered kitchen prep area and grilling station, outdoor tiki hut areas with hammocks and lounge chairs, a media room, a game room, a kids playroom, a lounge area with a bar and kitchen, a state-of-the-art fitness center with yoga, aerobics and spinning studios, a business center with co-working spaces and a coffee bar, and a dog park.
Residents will additionally have access to a dedicated walking/running trail throughout the community.
The development broke ground in February of 2021, and is expected to be complete in late 2022. Vertical construction at the community will commence within the next 30 days.
The community is architecturally designed by Pascual, Perez, Kiliddjian Architecture, and the property’s clubhouse and model units have been designed by tennis champion, Venus William’s design firm, V Starr Interiors.
“Our ability to secure favorable construction financing for Natura Gardens speaks to the growing demand for market rate rental housing in South Florida,” states David Martin, CEO of Terra. “We’re seeing an influx of millennials, young professionals and new families looking for attainably-priced residential options in South Florida’s suburban neighborhoods, specifically west of I-75, close to good schools, and some of the region’s largest corporate employers.”