HIALEAH, FLA. — Baron Property Group (BPG) has closed on a $226.5 million refinancing for Metro Parc, a 559-unit development in Hialeah that is now 50 percent leased. The financing replaces the project’s construction loan and serves as a bridge to permanent financing. The lenders were Madison Realty Capital and Yellowstone Real Estate. HKS Real Estate Advisors and DIA Capital Group advised BPG. Ben Suky of Bensco arranged the financing.
Designed by Modis Architects, Metro Parc is the first phase of BPG’s 2.3-million-square-foot mixed-use development in Hialeah. The property is currently leasing studio, one- and two-bedroom units. Amenities include a resort-style pool with private cabanas, outdoor courtyard with grills, fitness-center, coworking space, 24-hour concierge service, bike storage and parking. Metro Parc also includes 15,000 square feet of retail space, anchored by Mr. Baker, a local Cuban bakery with nine locations throughout the Miami area.
The development is adjacent to Metro Parc North, which represents the project’s 661-unit second phase. That building was just topped out and is slated for completion for 2027.