Terra Secures $65M Construction Loan for Miami-Dade Apartments

Terra and New Valley, the development partners behind Natura Gardens, a new multifamily community in Northwest Miami-Dade County, have secured $64.8 million in construction financing from Bank OZK for the project.

The financing will go towards the ongoing construction of the 23-acre community, which will encompass 460 garden-style apartments across 12 three-story residential buildings. The development broke ground in February 2021 and vertical construction will get underway in the next 30 days, with completion slated for late 2022. Situated along NW 170th Street between I-75 and Florida’s Turnpike, Natura Gardens is located immediately south of the planned American Dream retail and entertainment complex. Amenities will include a two-story clubhouse with a resort-style pool and spa as well as a fitness center and a residents-only dog park.

“Our ability to secure favorable construction financing for Natura Gardens speaks to the growing demand for market rate rental housing in South Florida,” said David Martin, CEO at Terra. “We’re seeing an influx of millennials, young professionals and new families looking for attainably-priced residential options in South Florida’s suburban neighborhoods, specifically west of I-75, close to good schools, and some of the region’s largest corporate employers.”

Cushman & Wakefield arranged the financing on behalf of the development team.