Prestige Nabs loan to build 3 Hialeah apartment complexes

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Prestige Companies CEO Marty Caparros Jr. and COO Alexander Ruiz with (from above) 1201 Palm Avenue, 40 West 23 Street and 2290 Palm Avenue (Google Maps)

Prestige Companies continues its multi-family development course in Hialeah as it has just received a $ 21 million home loan for three worker housing complexes.

The Miami Lakes-based developer will begin building Palm Avenue Lofts at 1201 Palm Avenue; Champions Lofts at 40 West 23 Street and 2290 Palm Avenue; and Poe’s Lofts at 7901 West Fourth Avenue, according to Prestige Chief Operating Officer Alexander Ruiz.

Black River Partners built the loan syndicate and also participated in the financing, said Ruiz.

The three-story, garden-like projects with a total of 186 workers’ apartments are to be completed next year. According to Ruiz, Prestige bought the development sites in 2019 and 2020 for a total of $ 7.4 million.

Champions Lofts will have 48 units in two buildings spanning 0.7 hectares. Palm Avenue Lofts will have 30 units in two buildings on half an acre. And Poe’s Lofts will have 108 units in multiple buildings on 1.9 acres.

Poe’s Lofts is the only one in Hialeah’s Amelia District. Prestige is developing the district with 800 units and 18,000 square feet of commercial real estate stretching from Gratigny Parkway in the south to West 74th Place and from Amelia Earhart Park in the west to Red Road.

Prestige, led by Marty Caparros Jr., is heavily focused on Hialeah but is also developing outside of town. The company recently received a $ 12.4 million construction loan for The Trail housing project on Ludlam Trail in central Miami-Dade County.

In June, the company received a $ 6.6 million home loan for a 30-unit condominium with 17,000 square feet of commercial space.

Construction finance for apartment buildings has been flowing lately as several other property developers have also taken out loans. In Hialeah, The Estate Companies raised $ 29.5 million to convert a long-closed Hialeah Ramada Inn into the 251-unit Alture Westland.

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