HIALEAH, FLA. — A partnership led by locally based firm MG Developer and New York City-based Baron Property Group has received a $148 million construction loan for Metro Parc, a 559-unit multifamily project in the city of Hialeah, located within Miami-Dade County.
Metro Parc will be situated on a 2.5-acre site and will consist of two buildings rising 10 stories, making it the tallest residential development in Hialeah, according to the development team. Units will come in two-bedroom formats that will range in size from 500 to 800 square feet. Communal amenities will include a pool, fitness center and outdoor kitchen.
In addition, Metro Parc will house ground-floor retail space that is preleased to a Latin-inspired food marketplace, as well as onsite parking. Metro Parc will also offer proximity to a Metrorail transit station, the Hialeah Arts District and Amelia Earhart Park.
The project team includes investment firms Township Capital as an equity partners. Construction is set to begin in December and to wrap up in the second quarter of 2024.
Dmitry Levkov and Jeffrey Donelly of Colliers arranged the 30-month loan on behalf of the development team. Post Road Group provided the financing. The project will be the first multifamily development for MG Developer, although the firm did recently complete a showroom for Gables Village, a 48-unit project in nearby Coral Gables.
— Taylor Williams