Prestige Companies received a $ 12.4 million home loan for a worker housing project to be built on the site of a former RV park in central Miami-Dade County.
Miami Lakes-based Prestige and Florida Value Partners, based in Miami, are building the $ 17 million community The Trail at 1040 Southwest 70th Avenue along the proposed Ludlam Trail linear park, according to a press release. Centennial Bank of Conway, Arkansas provided the loan.
The financing is for the first phase, which comprises two three-story buildings with 84 units on 2 hectares. According to the announcement, construction should be completed in the first quarter of next year. The second construction phase will consist of five three-story buildings with 230 units. Completion is planned for the third quarter of next year.
The trail will have one- and two-bedroom apartments that rent between $ 1,600 and $ 1,900 per month. Facilities include an outdoor gym and dog park.
Prestige Companies has built the 8 acre development site over the past four years by acquiring ownership interests in landowner Lion Miami Terrace and acquiring some of the land by deed, said Alexander Ruiz, Prestige’s chief operating officer. He declined to disclose the purchase price of the assemblage.
The 5.6 mile Ludlam Trail extends north from Southwest 80th Street to Northwest Seventh Street, largely along the former Florida East Coast Railway path. It will connect to The Underline, another linear park in the county that is slated to extend ten miles below the Brickell Metrorail tracks to the Dadeland South Metrorail station. The first phase from Brickell Backyard to Southwest 13th Street is open, according to The Underline website.
This is the latest in a series of Miami Dade apartment building loans that developers have received over the past few months. The Estate Companies raised $ 29.5 million to convert a long-closed Hialeah Ramada Inn in Alture Westland of 251 units; and The Astor Companies raised $ 32.4 million to build the 199 mixed-income Douglas Enclave near Flagler Street in Miami.
In one of its largest financing deals, Terra looted $ 64.8 million to build 460-unit Natura Gardens near the American Dream Miami mega-mall and just outside of Miami Lakes.