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Terra secures $245M permanent financing for Upland Park phase one

The financing from Slate Property Group follows completion of a 578-unit multifamily phase that is already more than 60% leased in under 90 days since opening.

Reported · Written up by our desk · Residential

Terra has secured $245 million in permanent financing for the first phase of Upland Park, a $1 billion, 47-acre mixed-use, transit-oriented development in West Miami-Dade County, according to ConnectCRE.

Slate Property Group provided the financing after the 578-unit multifamily community was completed, and the project is already more than 60% leased in less than 90 days since opening earlier this summer, ConnectCRE reported.

Construction of the development’s second residential phase, which will add 484 multifamily apartments, is expected to begin later this year, ConnectCRE said.

Located at 1455 NW 121st Avenue, the first phase offers studio, one-, two-, and three-bedroom residences with select den layouts, ranging from about 700 to 1,528 square feet, with monthly rents starting in the $2,000s, the outlet added.

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