The Baron Property Group (BPG) has secured $226.5 million in financing to refinance a newly completed multi-family development in Hialeah, Florida. Madison Realty Capital and Yellowstone Real Estate provided the debt financing for the 559-unit Metro Parc property at 955 East 25th Street. This is located approximately one block west of the Metrorail and Tri-Rail interchange stations in a working-class neighbourhood of Miami-Dade County.
BPG completed the ten-storey building last year, having received a $148 million construction loan from Post Road Group in 2022. The 754,016 square foot project – which includes 15,000 square feet of retail space, partly leased to the Cuban bakery Mr. Baker – is nearly 50 percent leased, according to a representative of the developer. The refinancing will replace the original construction loan and serve as a bridge until permanent financing is secured. Ben Suky brokered the transaction.
Metro Parc represents the first phase of Baron Property Group's 2.3 million square foot residential development. A second phase, named Metro Parc North and located adjacent to Metro Parc, recently topped out and is scheduled for completion in late 2027. Post Road Group provided a $206 million construction loan for this phase last year.
MG Developer, an original partner in both Metro Parc projects, is no longer involved, according to a BPG representative who did not provide further details. MG Developer is currently constructing the 347-unit Metro Parc South across the street, having secured a $105 million construction loan last year. The development of Metro Parc is thus a complex web of financing and partnerships, reflecting the dynamic nature of the real estate market in Miami-Dade County.
The refinancing by Madison Realty Capital and Yellowstone Real Estate underscores confidence in the long-term value appreciation of properties in this region. Despite the fact that the Metro Parc property is not yet fully leased, the provided bridge financing signals strategic foresight to optimise the project's capital structure and create a solid foundation for final financing. The proximity to key transport hubs and the integration of retail spaces contribute to the development's appeal.
