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Baron Property Group secures $226.5M to refinance Metro Parc in Hialeah
The 559-unit Metro Parc is nearly 50% leased and the refinance will bridge the project from its construction loan to permanent financing.
Baron Property Group has secured $226.5 million to refinance Metro Parc, a newly completed multifamily development in Hialeah, Florida, according to Commercial Observer.
The loan backs the 559-unit, 10-story project at 955 East 25th Street, near Metrorail and Tri-Rail transfer stations in Miami-Dade County. The 754,016-square-foot development includes 15,000 square feet of retail space, partly leased to Cuban bakery Mr. Baker, and it is nearly 50 percent leased, the outlet reported.
Commercial Observer added that Madison Realty Capital and Yellowstone Real Estate provided the debt. The refinance is designed to replace the project’s $148 million construction loan from Post Road Group, which was secured in 2022.
The outlet also noted that Ben Suky brokered the transaction. Metro Parc is described as the first phase of Baron’s broader 2.3 million-square-foot residential development, with Metro Parc North topping out and scheduled for completion in late 2027, where Post Road Group provided a $206 million construction loan last year.