MIAMI — Locally based developer 13th Floor Investments, in partnership with Barings, a subsidiary of MassMutual, has secured a $125 million construction loan from a syndicate of Santander Bank and TD Bank to finance the development of Cadence in Miami.
Now under construction, the 35-story tower will include 432 market-rate apartments. About 54 units will be set aside as workforce housing, but specific income restrictions were not disclosed. Developers estimate the project will be complete by February 2028.
Cadence is the third residential building to be constructed within the mixed-use, transit-oriented Link at Douglas project that spans 7 acres at the confluence of the Coral Gables and Coconut Grove neighborhoods. The project is a public-private partnership involving 13th Floor Investments, Barings, Adler Group and Miami-Dade County.
Link at Douglas’ first phase, which was completed in 2023, encompasses two now-fully leased residential towers with a total of 733 apartments: the 312-unit Core and the 421-unit Cascade buildings. Phase I also included approximately 30,000 square feet of retail anchored by a Milam’s Market. Plans for a fourth and final tower are also forthcoming, according to 13th Floor. This project will include another 400 residential units.
Link at Douglas developers entered into a ground lease for publicly owned land. As part of the original agreement, the developers have completed approximately $17 million in public infrastructure improvements, including a renovated Metrorail station and the development of a public plaza.