Real estate developer ACRE has received funding for the second phase of Adela at MiMO Bay in Miami. Canyon Partners Real Estate provided the $123.8 million senior loan.
Adela on the Park will comprise exactly 282,611 rentable square feet, offering 327 residences. Twenty homes will be designated as affordable housing; Miami-Dade County notes that affordable housing is typically reserved for households earning at or below 140 percent of the area median income (AMI).
In-unit features are set to include luxury plank flooring, private balconies, and stainless-steel appliances. Residents would also have access to various indoor and outdoor amenities, which include a rooftop swimming pool, co-working space, and fitness center.
However, Adela on the Park is more than its residences and amenities; the project is also set to include 6,000 square feet of ground-floor retail and 522 parking spots. As noted, Adela on the Park is the second phase of Adela at MiMO Bay. The latter venture completed construction in 2020; Multi-Housing News reports that as of 2024, the 236-unit project was 94.9 percent occupied.
Adela on the Park is located at 6445 NE 7th Ave., Miami, Florida, 33138, in Miami-Dade County.
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