SWEETWATER, FLA. — Terra has obtained a $170 million construction loan for Upland Park, a $1 billion mixed-use development in Sweetwater, about 15 miles west of downtown Miami. SCALE Lending, the debt financing arm of Slate Property Group, was the lead lender on the construction loan.
Terra is converting Miami-Dade County’s Dolphin Park-and-Ride/Transit Terminal Facility into a multimodal hub that will feature a transit station, residences, retail space and commercial uses on a 47-acre site near Dolphin Mall. The developer has formed a public-private partnership with Miami-Dade County for the project.
Terra will use the loan proceeds to fund the first phase of the project, which will consist of 578 apartments. Construction is slated to commence in early 2025. PPK Architects designed the community in collaboration with master plan architect Arquitectonica and urban planner Plusurbia Design.
At full build-out, Upland Park will offer more than 2,000 mid-rise and garden-style apartment units, as well as approximately 282,000 square feet of shops and restaurants and 414,000 square feet of commercial space.
Founded in 2001 and headquartered in Miami, Terra owns and operates a portfolio of real estate developments valued at about $8 billion. In addition to Upland Park, Terra has recently delivered Grove Central, a mixed-use development in Miami’s Coconut Grove neighborhood; Pines Garden at City Center in Pembroke Pines, Florida; and Centro City, a project in Miami’s Little Havana neighborhood that will include up to 1,200 apartments.