South Florida-based Cymbal DLT Companies has secured $114 million in permanent financing for Laguna Gardens, a 341-unit multifamily community in Miami Gardens. The senior and mezzanine loans, provided by Apollo Global Management and RXR Realty Investments, paid off the development’s $102.5 million construction loan issued in 2022 by Related Fund Management, an affiliate of Related Companies.
Completed in phases beginning in May 2024, the 14-acre property at 20775 NW 17th Avenue features 11 low-rise buildings. It was among the first newly built multifamily projects in Florida to deliver under the State’s Live Local Act, qualifying tenants earning up to 120% of the area median income for attainable rental rates.
More than 95% leased, apartments range from one- to three-bedroom layouts spanning 650 to 1,330 square feet, with monthly rents starting at around $2,000—below the median rental rate for the Miami Gardens area, according to Zillow.
“Laguna Gardens demonstrates our commitment to filling a void in Miami’s housing market with design-driven, sustainable housing options that are both inspiring and attainable,” said Asi Cymbal, Chairman of Cymbal DLT. “The support from Apollo and RXR reflects the confidence in our vision to deliver an exceptional living experience while advocating our broader mission of creating vibrant communities.”
Bilzin Sumberg advised Cymbal DLT on the financing, ensuring the project met criteria for Florida’s Live Local Act. Firm partner Adam Lustig led the transaction, with partner Anthony de Yurre providing counsel on the legislative component.
“As the developer and general contractor for Cymbal DLT, we take immense pride in our ability to deliver all 341 units of the Laguna Gardens project within a remarkable 15-month timeframe from groundbreaking,” said Hector Delatorres, CEO of Cymbal DLT. “Our in-house general contractor arm plays a pivotal role in our success, enabling us to build more efficiently and cost-effectively.”
Designed by Jo Palma and Partners, the buildings showcase a modern aesthetic of sharp lines, bright white exteriors, and floor-to-ceiling windows contrasted by organic elements like butterfly gardens and lush greenery. A preserved lagoon lined by a walkway offers residents a tranquil outdoor space.
Inside, apartments include Italian cabinetry, stainless-steel appliances, in-unit washers and dryers, walk-in closets, acoustic barriers, Nest thermostats, and 9-foot ceilings with lagoon views. Amenities feature a community Clubhouse with a mini-market, fitness center, lap pool, children’s playground, meditation garden, metaverse room, coworking space, and a rooftop lounge—all centered around architecture, art, wellness, and sustainability.
Located close to I-95 and Florida’s Turnpike, Laguna Gardens provides easy access to Hard Rock Stadium, Miami International Airport, local dining and shopping, and public parks. Miami Gardens has become a hub for major sporting events, including the F1 Miami Grand Prix, World Cup Soccer in 2026, and multiple Super Bowls at Hard Rock Stadium.
Looking ahead, Cymbal DLT is planning the Nautico District, a $1.5 billion, six-acre, mixed-use project along the Downtown Fort Lauderdale riverfront. That multiphase development will begin in 2025 and will introduce residential, hotel, and retail components, including the area’s first yacht valet. The initial phase calls for a 26-story tower with 335 luxury apartments.
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