Terra and New Valley have secured nearly $130 million in refinancing for Natura Gardens, a 460-unit apartment complex located at 17351 Northwest 94th Court near Hialeah in northwest Miami-Dade County. The refinancing was provided by New York Life Insurance Company and an affiliate of Blackstone, according to a statement from a Terra spokesperson. The loan replaces a previous $127 million mortgage issued by an affiliate of MF1 Capital last year. Keith Kurland and Michael Diaz with Walker & Dunlap arranged the new financing on behalf of Terra.
Natura Gardens, completed in 2023 by Coconut Grove-based Terra, led by David Martin, and Miami-based New Valley, led by Howard Lober, consists of 12 three-story buildings. The complex offers one-, two-, and three-bedroom apartments, with sizes ranging from 727 to 1,476 square feet. Rents for these units currently range between $2,125 and $4,851 per month, according to Apartments.com.
The joint venture initially obtained a $64.8 million construction loan from Bank OZK in 2021 to build the project. The developers had originally planned a larger mixed-use development for the 72-acre site, which they acquired for $52 million from Prologis in 2019. Before construction began, Terra and New Valley sold 45 acres of the site for $53.5 million to Butters Group and Greystar, who are planning to develop 500,000 square feet of industrial space and a 360-unit multifamily community.
The recent refinancing is part of a series of major loan transactions for Terra. In January, the company secured a $291 million loan for CentroCity, a mixed-use development with 470 apartments in Miami. Last year, Terra and Grass River obtained $245 million in refinancing for Grove Central, another mixed-use project in Coconut Grove.
Terra has also recently proposed purchasing the Miami Seaquarium on Virginia Key for $22.5 million, with plans to redevelop it into a modern aquarium focused on education, without marine life exhibits. The proposal includes preserving the site’s dome, as well as adding retail, dining, a marina, and public green spaces. The sale is pending approval from a bankruptcy judge in Delaware and final consent from Miami-Dade County, which owns the land.
