Terra Group has secured a $230M construction loan for the first phase of its mixed-use CentroCity project in Little Havana near Miami International Airport.
The loan from Apollo Global Management and Mack Real Estate Credit Strategies, arranged by Walker & Dunlop, will cover the construction—now underway—of three eight-story apartment buildings encompassing 470 unit, 350K SF of retail space and a Mater Academy charter school.
The first phase of the project is expected to be completed in 2024 on a 38-acre site between the Miami airport and the Little Havana neighborhood. Terra paid $29M in 2020 to acquire a stake in the site, which is occupied by a strip mall at 3701 NW Seventh Street.
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