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 located just west of Little Havana and has been recently completed.
JVP Management and Hudson Bay Capital have provided loans totaling $187 million for the multifamily residential component and $104 million for the retail component, respectively. These loans will be used to pay off existing construction financing that was initially provided by Apollo Global Management and Mack Real Estate Credit Strategies in 2022.
The first phase of Centro City includes 350,000 square feet of newly built retail space as well as three eight-story buildings with a total of 470 market-rate apartments. A team from Walker & Dunlop led by Keith Kurland worked on behalf of Terra during these transactions while Holland & Knight’s partners Joe Dewey, Brett Holland, Shawn Amuial,and Shaina Kamen along with associate Brian Piper represented Hudson Bay Capital.
