Residential-focused private equity firm ACRE has secured a $123.8 million loan to support a mixed-use multifamily project in Miami.
Canyon Partners Real Estate LLC provided the senior loan for the project known as Adela on the Park that will feature a total of 337 residential units.
This marks one phase of a broader development in the Upper East neighborhood, which also includes Adela at MiMO Bay, a 236-unit adjacent site that delivered in 2020. Adela on the Park adds more housing and amenities, which include 6,000 square feet of ground retail, 522 parking spaces, a rooftop pool deck, a fitness center, coworking spaces and a clubroom.
Canyon said in a statement that the neighborhood benefits thanks to its proximity to Downtown Miami, Wynwood and the Miami Design District. Plus, it provides access to Biscayne Bay waterfront amenities and Miami Beach.
"This financing reflects our continued conviction in high-quality multifamily developments with quality partners in high-growth markets like Miami," said Jacob Feingold at Canyon.
"Adela on the Park benefits from a compelling infill location, strong demographic tailwinds, and an experienced sponsor in ACRE, and we are pleased to provide a flexible capital solution to support its development."
In 2025, Miami ranked as the hottest rental market on RentCafe's Rental Competitiveness Index, with a score of 92.9. Miami gets its appeal from its obvious climate, senior population and growing status as a tech and finance hub, which has attracted talent from Wall Street and Silicon Valley.
The units at Adela on the Park will feature stainless steel appliances, private balconies and quartz countertops. The Class A site is expected to span roughly 282,611 rentable square feet.
Since its 2011 founding, ACRE has deployed $8 billion in capital across 200-plus investments. For multifamily, it has been involved with the transaction of more than 45,000 units.
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