In partnership with Township Capital, MG Developer and Baron Property Group have announced the closure of a $148 million construction loan from Post Road Group for Metro Parc. The 10-story, two-tower apartment rental property in Hialeah, Florida, will begin construction in December and is expected to be completed in mid-2024 as the tallest residential tower in the city.
The 2.5-acre residential mixed-use development will deliver 559 rental apartments, ranging from 500 to 800 square feet. Metro Parc amenities will offer co-working spaces, an outdoor kitchen, a pool, a gym, ground-level retail, parking, and a Latin-inspired food marketplace.
“We are excited to partner with Baron Property Group and Post Road Group to bring Metro Parc to life. This project will mark the first of more to come for us in Hialeah, and we are thrilled about the future we have planned in the City of Progress,” says Alirio Torrealba, CEO and founder of MG Developer. “We are grateful to Baron Property Group, well-recognized for its more than two decades of experience in multifamily housing, for trusting in us to continue expanding its multifamily housing portfolio in this region.”
As its first multifamily project, MG Developer’s acquisition of Metro Parc at the end of 2021 kick-started the company’s multifamily rental buildings division and long-term partnership with New York-based development company Baron Property Group. For construction, Ayush Kapahi of HKS Real Estate Advisors procured the 30-month loan and managing director Dmitry Levkov and executive director Jeffrey Donelly of Colliers International’s Structured Finance Group arranged financing.
“MG Developer has earned a stellar reputation for elevating communities, and that is exactly what we look forward to continue doing as we grow deeper into our partnership and build more impressive projects throughout South Florida,” adds Matthew Baron, president and founder of Baron Property Group.
Two blocks from the Metrorail and Tri-Rail Transfer Station, the site is walking distance to Hialeah Medical Services and only a mile from Hialeah’s Arts District, which will become a vibrant cultural and entertainment scene featuring galleries, breweries, restaurants, shops and the expansive Amelia Earhart Park.
“We anchored our future in Hialeah with Metro Parc, and now we are committed to its growth and setting an enhanced standard of living while re-imagining an entirely new community in Hialeah,” concludes Torrealba.
MG Developer recently completed development of Althea Row and expects to soon complete Biltmore Row, a stunning row of 10 exclusive townhomes. These development projects build upon MG Developer’s recent acquisitions of developments Merrick Parc and Alhambra Parc. The projects, when constructed, will consist of 450 luxury rental units in Miami and a mixed-use apartment community with ground-floor retail in Coral Gables.
