Miami-based developer Aconcagua Group has secured $35 million in construction financing to complete a multi-family project in Miami-Dade County. S3 Capital provided the loan for the third and final phase of the 374-unit Casa Princeton apartment complex in Princeton, Florida. The transaction closed on Friday morning.
The third phase of the development will comprise an eight-storey building with 162 residential units. The second phase of Casa Princeton, consisting of 150 units, was completed in March 2026 and, according to S3, is approximately 40 per cent leased.
Sustained demand for affordable housing
Steven Jemal, Managing Director of Origination at S3 Capital, commented on the market situation. He stated that Casa Princeton directly addresses the affordable housing gap observed in many Florida markets. The leasing of the initial phases has confirmed the underlying demand for the product, which provides conviction to S3 Capital as a lender.
Berkadia brokered the financing with a Miami-based team consisting of Charles Foschini and Christopher Apone. The apartment complex is located at 12835 SW 246th Terrace, approximately 30 miles south of Downtown Miami, and offers one or two-bedroom floor plans. Community amenities include a clubhouse, event spaces, co-working areas, a swimming pool, a fitness centre, a playground, and a dog park.
Public-private partnerships strengthen the market
Robert Schwartz, Managing Principal at S3 Capital, emphasised the significance of programmes such as the “Live Local” initiative. He said this was a practical example of how public policy helps experienced developers provide more housing where it is needed. S3 Capital is proud to participate in public-private partnership programmes such as this. Such initiatives make it possible to economically increase the limited housing supply while creating value for local communities, developers, and their own stakeholders.
