Bank OZK Provides $64.8M Construction Loan for Natura Gardens Apartments in Miami
MIAMI — Bank OZK has provided $64.8 million in construction financing to Terra and New Valley, the development partners of Natura Gardens, a multifamily community in Miami. The loan will fund the ongoing construction of the 23-acre community, which will encompass 460 garden-style apartments across 12 three-story residential buildings. The development broke ground in February 2021 and vertical construction is slated for completion by late 2022.
Situated along NW 170th Street between Interstate 75 and Florida’s Turnpike, Natura Gardens will be located close to several employers, including Boeing, Royal Caribbean International, Preferred Freezer Services and The Home Depot.
Natura Gardens’ units will range from one- to three-bedrooms, measuring between 727 and 1,476 square feet in size. Units will include balconies, custom shaker-style kitchen cabinetry, built-in pantries, kitchen islands with breakfast areas, stainless steel appliances, full-size washer and dryers, walk-in closets and en-suite bathrooms. The community will feature landscaping, open lawns, lakes and preserves. Residents will also have access to a dedicated walking/running trail throughout the community.
Community amenities will include a two-story clubhouse with a pool and spa; a covered kitchen prep area and grilling station, sink and refrigerator; outdoor tiki hut areas with hammocks and lounge chairs, tables and umbrellas; a media room, game room and kids playroom; a children’s tot-lot play area with recreational equipment and electronics charging stations; a lounge with a bar and kitchen; a fitness center with yoga, aerobics and spinning studios; a business center with coworking spaces and a coffee bar; and a residents-only dog park with site furnishings.
Pascual, Perez, Kiliddjian Architecture (PPK) designed the Natura Gardens apartments. Cushman & Wakefield arranged the financing on behalf of the development team.