MIAMI — South Florida-based developer 13th Floor Investments, in partnership with Barings, has received a $125 million construction loan for the second phase of Link at Douglas, a transit-oriented multifamily development in Miami. A syndicate of Santander Bank and TD Bank provided the loan.
Known as Cadence, the project marks the third multifamily building at Link at Douglas, a 7-acre development located at the confluence of Miami’s Coral Gables and Coconut Grove neighborhoods. Now under construction, the 35-story tower will include 432 market-rate apartments, 12.5 percent of which will be set aside as workforce housing units.
The project is adjacent to Miami-Dade County’s Douglas Road Metrorail Station. Construction is estimated to take 33 months to complete.
“Securing this construction financing marks a major milestone in bringing the next phase of Link at Douglas to life,” says Daryl Shevin, CFO of 13th Floor. “It reflects strong confidence in our vision and the demand for well-located, high-quality transit-oriented housing in South Florida.”
The first phase of Link at Douglas, which was completed in 2023, encompasses two fully leased multifamily towers with a total of 733 apartments. More than 30,000 square feet of retail space anchored by a Milam’s Market accompanies the 312-unit Core and the 421-unit Cascade buildings. Plans for a fourth and final tower housing 400 units are also forthcoming.
Link at Douglas is a public-private partnership with Miami-Dade County and its Department of Transportation and Public Works. The developers entered into a ground lease for the publicly owned land, which included privately funded transit and infrastructure upgrades at a connection point within the county’s transit system.
As part of the original agreement, the developers have completed more than $17 million in public infrastructure improvements, including a fully renovated Metrorail station and the development of a public plaza that will connect with a section of The Underline, a 10-mile linear park.
Since its founding in 2008, Miami-based 13th Floor has completed more than 3,900 multifamily units across South Florida with a pipeline of over 4,800 units in development and under construction slated to be delivered over the next few years. The firm recently completed Savio, the first phase of its Parks at Delray project, which encompasses 420 luxury units in Palm Beach County’s Delray Beach.
— Kristin Harlow