Terra has successfully secured $291 million in permanent financing for the first phase of Centro City, a mixed-use development spanning 38 acres in Miami-Dade County. The project is situated just west of Little Havana and has recently been completed.
JVP Management and Hudson Bay Capital have provided loans totaling $187 million and $104 million respectively for the multifamily residential and retail components of Centro City. These loans will be used to pay off the existing construction financing that was initially provided by Apollo Global Management and Mack Real Estate Credit Strategies back in 2022.
The first phase of Centro City, now fully finished, boasts 350,000 square feet of newly built or renovated retail space as well as three eight-story buildings housing a total of 470 market-rate apartments.
A team from Walker & Dunlop led by Keith Kurland along with Gangemi Law Group represented Terra during these transactions. Meanwhile, Holland & Knight’s partners Joe Dewey, Brett Holland Shawn Amuial Shaina Kamen alongside associate Brian Piper were responsible for representing Hudson Bay Capital during this process.
This successful refinancing marks another milestone achievement for Terra’s ambitious development project at Centro City.
