MIAMI — Locally based development firm Terra has received a total of $291 million in permanent financing for the recently completed first phase of Centro City, a 38-acre mixed-use development located just west of Miami’s Little Havana neighborhood. Phase I comprises 350,000 square feet of retail space, as well as three eight-story multifamily buildings that house 470 market-rate apartment units.
JVP Management issued a $187 million loan for the development’s multifamily component, while Hudson Bay Capital issued a $104 million loan for the retail component. The funds will be used to pay off the project’s existing construction financing, which was provided by Apollo Global Management and Mack Real Estate Credit Strategies in 2022.
A Walker & Dunlop team led by Keith Kurland and Gangemi Law Group represented Terra in the loan transactions. Joe Dewey, Brett Holland, Shawn Amuial, Shaina Kamen and Brian Piper of Holland & Knight provided legal counsel for Hudson Bay Capital.
Leasing is underway for the residential component, with the first move-ins slated to begin this March. Apartments come in studio, one- and two-bedroom floor plans ranging between 500 and 1,250 square feet in size. Rents begin at approximately $2,500 per month.
Residents will have access to amenities such as multiple pools with cabanas, barbecue grill areas, a children’s playground, dog park, lounges and game rooms.
Centro City’s retail component, which included the redevelopment of the property’s existing Central Shopping Plaza, is anchored by a 100,000-square-foot Target. The center is currently 95 percent leased to tenants such as Ross Dress for Less, DD’s, Fresco Y Mas, Walgreens and Bank of America. RSP Architects designed the reimagined shopping center.
At full build-out, Centro City will feature up to 1,200 market-rate apartments, as well as green spaces, a shopping center with retail and restaurant space, an office building and a Mater Academy K-8 Charter School. Terra expects to break ground on Phase II of the project, which will consist of approximately 518 apartments, later this year.
“Centro City’s completion will provide much-needed housing options, state-of-the-art retail experiences and community spaces in the heart of Miami-Dade County,” said David Martin, CEO of Terra. “We are excited to continue building momentum with future phases that will further contribute to the area’s growth and vitality.”
Terra was founded in 2011. The Miami-based developer owns and operates a portfolio of real estate developments valued at roughly $8 billion. In addition to Centro City, Terra is currently developing Upland Park, a $1 billion mixed-use transit-oriented community situated in the Miami suburb of Sweetwater, Fla. The company’s portfolio also includes Grove Central in Miami’s Coconut Grove neighborhood and Pines Garden at City Center in Pembroke Pines.
— Channing Hamilton