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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