MIAMI — Locally based development firm Terra has secured $245 million in takeout financing following the completion and stabilization of Phase I of Upland Park, a $1 billion, 47-acre mixed-use development in Miami. Slate Property Group was the lender.
Designed by PPK Architects, in collaboration with master plan architect Arquitectonica and urban planners Plusurbia Design, Upland Park will be built in multiple phases. Future phases will include additional mid-rise and garden-style apartments, retail and commercial space. Construction of the project’s second residential phase, which will add another 484 apartments, is expected to begin later this year.
The 578-unit multifamily community in Phase I is 60 percent leased. The property features studio, one-, two- and three-bedroom units and is adjacent to Miami-Dade County’s Dolphin Station, a park-and-ride bus hub with service to downtown Miami. Amenities include a resort-style pool and separate children’s pool, clubhouse, pickleball courts, outdoor grilling and gathering areas, playground, dog park, game lawn and landscaped green spaces overlooking a community lake.