Terra Closes On $127 Million Refinancing Loan For ‘Natura Gardens’ At 17351 NW 94th Court In West Hialeah

Natura Gardens. Credit: Terra.

Terra and New Valley, the development partners behind Natura Gardens, a new multifamily community at 17351 Northwest 94th Court in West Hialeah, Northwest Miami-Dade County, have secured $127 million in permanent financing. The loan, issued by an affiliate of MF1 Capital, will be used to pay off and refinance an existing $65 million construction loan provided in 2021 by Bank OZK. Completed in the Summer of 2023, Natura Gardens includes 460 garden-style rental apartments situated across 23 acres in Miami’s West Hialeah neighborhood.

At more than 97% leased, Natura Gardens’ one- to three-bedroom apartments measure 727 and 1,603 square feet, with rental rates ranging from approximately $2,000 to $3,350 per month.

“Our ability to refinance Natura Gardens reflects the leasing success we’ve experienced at the property as well as the increasing demand for market-rate rental housing in the West Hialeah area,” said David Martin, CEO of Terra. “Natura Gardens continues to fulfill an unmet need for quality suburban living for thousands of working families seeking to minimize their daily commutes.”

Walker & Dunlop’s New York Capital Markets team, led by Keith Kurland, Aaron Appel, Jon Schwartz, Adam Schwartz, and Michael Diaz, arranged the loan proceeds to refinance the existing construction loan of Natura Gardens.

“We are grateful to have worked with Terra yet again on another important project,” said Keith Kurland, senior managing director and co-head of the New York Capital Markets team at Walker & Dunlop. “With a fantastic location and elevated suburban features, Natura Gardens provides a meaningful asset that offers residents convenience and community along South Florida’s east coast.”

Situated along NW 170th Street between I-75 and Florida’s Turnpike, Natura Gardens is located immediately south of the planned American Dream retail and entertainment complex and a short drive from several large employers, including Boeing, Royal Caribbean International, Preferred Freezer Services, and The Home Depot.

Natura Gardens has been architecturally designed by Pascual, Perez, Kiliddjian Architecture (PPK), with the development’s clubhouse and model units imagined by tennis champion Venus Williams’ design firm V Starr Interiors.

Apartments boast high-end finishes and fixtures, expansive balconies, custom shaker-style kitchen cabinetry, spacious built-in pantries, kitchen islands with breakfast areas, stainless-steel appliances, full-size washer and dryers, spacious living and dining rooms, walk-in closets, and en-suite bathrooms.

Amenities at the gated community include a two-story clubhouse with a resort-style pool and spa; a covered kitchen prep area and grilling station, sink and refrigerator; outdoor tiki hut areas with hammocks, tables, and umbrellas, and lounge chairs on comfortable beach sand; a media room, billiards and children’s playroom; a sophisticated lounge with a bar and kitchen; a state-of-the-art fitness center with yoga, aerobics and spinning studios; a business center with co-working spaces and a coffee bar; a children’s tot-lot with recreational equipment and electronic charging stations, and a residents-only dog park.

Inspired by the natural surroundings, the community features lush landscaping, open lawns, lakes, and preserves. Residents also have access to lush green spaces with sitting areas and mobile device charging stations throughout the community.

Natura Gardens is the latest among Terra’s portfolio of newly completed multifamily developments across South Florida, which includes Grove Central, a transit-oriented mixed-use development with residential and retail uses in Coconut Grove, and Pines Garden at City Center, a garden-apartment community in Broward County’s City of Pembroke Pines. Terra is also currently developing CentroCity, which will include up to 1,200 apartments as part of a larger 38-acre mixed-use development in central Miami-Dade County, just west of Little Havana, and Upland Park, which will include up to 1,700 apartments as part of a 47-acre mixed-use transit-oriented development at the Miami-Dade County Dolphin Park-and-Ride Station.

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