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Terra secures $245M permanent loan for Miami-Dade Upland Park phase one
The financing covers 578 apartments in the first phase, where more than 60% of units have been leased and rents start at $2,000 per month.
Terra has secured a $245 million permanent loan for the first phase of Upland Park, a 47-acre transit-oriented development near Miami-Dade County’s Dolphin Station Park and Ride Transit Terminal, Commercial Observer reports.
The permanent financing from Slate Property Group will support 578 apartments at 1455 Northwest 121st Avenue, on county-owned land. The first phase, completed this year, includes nine garden-style, three-story residential buildings located west of Dolphin Mall near the Florida Turnpike and Dolphin Expressway.
Commercial Observer reports that more than 60% of the apartments have already been leased, with monthly rents starting at $2,000. A representative for Terra, led by David Martin, said the second phase is expected to break ground later this year and will include 484 additional apartments.
The outlet also notes that Slate Property Group previously provided a $170 million construction loan in 2024. In 2021, Terra signed a 97-year ground lease with Miami-Dade County that projected nearly $1.2 billion in earnings over the lease term, with the master plan including retail and commercial space.
A representative for the developer declined to provide additional details, according to Commercial Observer.