Terra has secured a $245 million bridge loan from SCALE Lending, the debt financing arm of Slate Property Group, for Upland Park Phase 1A, the first residential phase of its $1 billion, 47-acre mixed-use transit-oriented development at 1455 NW 121st Avenue in Sweetwater, West Miami-Dade County. The financing comes as the 578-unit multifamily community has surpassed 60 percent leased less than 90 days after opening to tenants earlier this summer.
The financing will be used to repay the existing construction loan provided by SCALE Lending in December 2024, complete remaining construction, and fund lease-up of the development. The floating-rate loan runs through September 2027 and includes two six-month extension options, with all remaining construction expected to be completed by October 2026.
Upland Park Phase 1A comprises 578 apartments across five residential buildings and a separate clubhouse. Residences range from studios through three-bedroom layouts, including select den configurations and units with private terraces, with apartment sizes ranging from approximately 700 to 1,528 square feet. Monthly rental rates start in the $2,000s. The phase also includes 1,041 on-site parking spaces. Greystar is leading leasing, which launched in April 2026, and serves as property manager.
“Securing this financing for Upland Park represents another important milestone for a project that is already demonstrating strong demand and delivering much-needed new housing in West Miami-Dade,” said David Martin, CEO of Terra. “Upland Park reflects our long-term vision for creating communities that bring housing, transportation and everyday conveniences together in a thoughtful way. With Phase One now complete and leasing progressing rapidly, we are seeing that promise realized as residents make Upland Park their home.”
Located adjacent to Miami-Dade County’s Dolphin Station Park & Ride Transit Terminal, Upland Park is being developed as a fully integrated multimodal transit-oriented community incorporating residential, retail, hospitality, and commercial uses. The site is served by express bus service along State Road 836 and is positioned as an anchor of the planned East-West Corridor under Miami-Dade County’s Strategic Miami Area Rapid Transit, or SMART, Program, which calls for expanded Bus Rapid Transit service connecting West Miami-Dade with destinations across the region.
“We are proud to continue our partnership with Terra on this innovative project,” said Daniel Ridloff, Managing Director of Real Estate Credit at Slate Property Group. “Upland Park’s inspiring mission, building new housing while driving economic development across the Miami metro area, makes it a standout addition to SCALE’s loan portfolio. We’re proud to provide additional capital to help bring this project to life.”
Designed by PPK Architects in collaboration with master plan architect Arquitectonica and urban planner Plusurbia Design, Upland Park is planned to advance across multiple phases. The full master plan calls for more than 2,000 mid-rise and garden-style multifamily apartments, a 126-key hotel, approximately 282,000 square feet of retail, and approximately 414,000 square feet of commercial space, including Class A office uses.
Residences within Phase 1A feature Italian cabinetry paired with quartz countertops, stainless steel appliances, luxury vinyl tile flooring, in-unit washers and dryers, roller shades, and walk-in closets in primary bedrooms.
Indoor and outdoor amenities include swimming pools, pickleball courts, a dog park, bicycle storage, electric vehicle charging stations, lake access, outdoor grilling and gathering areas, a playground, game lawn, and landscaped green spaces. The clubhouse includes a theater, social lounges, a business center, fitness centers, and a children’s playroom.
Upland Park is situated near Downtown Doral, Florida International University, and Miami International Airport, with access to Florida’s Turnpike and State Road 836.
With Phase 1A now open and remaining construction scheduled for completion in October, Terra is preparing to move forward with Upland Park’s second residential phase later this year. The next phase is planned to add another 484 multifamily apartments to the development.
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