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Florida & Gulf Coast  + Atlanta & Southeast  + South Florida  + Apartments  | 
Aztec Group has secured $81 million in financing for the consecutive development of Residences of Highland and Shoppes of Highland in Hialeah, FL.

Hialeah Mixed-Use Development Scores $81M Build-to-Perm Financing

Aztec Group has secured $81 million in construction-to-permanent financing for the consecutive development of Residences of Highland and Shoppes of Highland in the Miami submarket of Hialeah, FL.

Jason Shapiro, Sean Harrington and Joel Zusman of Aztec Group represented the borrower, an affiliate of Dacar Management. Non-recourse, fixed-rate financing was provided by an affiliate of New York Life Insurance Company. The loan facility will be interest only for three years during the construction period and will convert to a 27-year self-amortizing loan.

Residences of Highland will feature 244 units in four- and five-story buildings, while Shoppes of Highland will be a grocery-anchored power center of 190,000 square feet. The mixed-use project is on a 70-acre site.

“Irrespective of the complexities of developing two components, including a large retail center, assets in strong locations remain candidates for the most favorable financing terms available in the market,” said Jason Shapiro, managing director at Aztec Group.

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Aztec Group's Shapiro

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

  • ◦Development
  • ◦Financing
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