Ocean Bank Provides $43.3 Million For Hialeah Transit-Oriented Development
The 8-story development is set for completion in early 2028.
The 8-story development is set for completion in early 2028.
The development is planned to include thousands of affordable and workforce housing units, several hundred thousand square feet of retail and office uses, and medical and institutional uses, with an economic impact in the billions of dollars.
The 117-unit community is a rarity for any new development in or around Coral Gables, with most residences priced under $1 million.
The deal was facilitated by Tony Arellano and Devlin Marinoff of DWNTWN Realty Advisors.
Adam Marcuvitz, Joseph P. Thomas and Alec Demetriou, investment specialists in Marcus & Millichap’s Fort Lauderdale office, represented the seller in the transaction.
Evan Kristol along with Felipe Echarte, investment specialists in Marcus & Millichap’s Fort Lauderdale office, represented the seller and procured the buyer.
The financing package includes $124.2 million in C-PACE capital from Nuveen Green Capital (NGC), marking the largest C-PACE-financed multifamily transaction in the state of Florida to date.
Jonathan De La Rosa and Eddie Toledo, investment specialists in Marcus & Millichap’s Miami office, represented the sellers in the transaction.
Cushman & Wakefield’s Scott O’Donnell, Deme Mekras, Miguel Alcivar, Greg Miller and Mike Ciadella represented iHeart in the transaction.
Construction on the project, located at 125 SW 8th St., will commence before year end.
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