Mixed-Use Project in Hialeah Scores $81M Financing – Commercial Observer
Dania Beach development firm Dacar Management has secured $81 million in construction financing for a mixed-use project in Hialeah that includes a Publix-anchored shopping center and 244 apartments, according to a mortgage recorded this week.
The project is on 70 acres at the northwest corner of NW 138th Street and NW 97th Avenue in the Miami-Dade County municipality of Hialeah. Site work is underway, and construction is scheduled for completion in late 2023.
The project focuses on two hot corners of commercial real estate – grocery-anchored retail and residential space. Called Shoppes of Highland, the development will include a 190,000-square-foot shopping center featuring Publix, Publix Liquors, retailer HomeGoods, a Taco Bell and discount apparel retailers Burlington, Five Below and Famous Footwear. The Residences of Highland will feature 244 garden-style multifamily units in four- and five-story buildings.
Aztec Group, a Miami-based merchant banking firm, arranged the construction-to-permanent financing.
The lender is New York Life Insurance, according to public records. Dacar will pay interest only for three years, and then the mortgage will convert to a 27-year fixed-rate loan.
“The construction-to-perm execution is reserved only for those borrowers focused on a long-term hold strategy on generational assets, eliminating interest rate risk for decades,” Sean Harrington, managing director at Aztec Group, said in a statement.
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