**13th Floor Lands $125M for Miami Transit-Oriented Residential Tower**
13th Floor Investments, in partnership with Barings, has secured a $125 million construction loan from a syndicate led by Santander Bank and TD Bank. The funds will finance the development of CADENCE, a new 35-story multifamily tower located near US-1 and Douglas Road in Miami.
Currently under construction, CADENCE will consist of 432 market-rate apartment units, with 12.5% designated as workforce housing. The construction timeline is projected to span 33 months.
As part of the development, 13th Floor and Barings entered into a ground lease with Miami-Dade County for the publicly owned land. The agreement also required the developers to privately fund critical transit and infrastructure upgrades. To date, the team has completed more than $17 million in public improvements. These include a fully renovated Metrorail station and the creation of a public plaza that will connect to The Underline, Miami’s linear park and urban trail.
CADENCE marks the third project at The Link at Douglas, a mixed-use development hub centered at a strategic transit connection point. A fourth project in the area is currently in the planning stages.
