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Building on the momentum of one of Miami’s most ambitious transit-oriented developments, South Florida developer 13th Floor Investments, in partnership with Barings, has secured a $125 million construction loan from a syndicate of Santander Bank and TD Bank to finance the development of a new transit-oriented multifamily project in Miami.
Cadence marks the third residential building at Link at Douglas, a seven-acre mixed-use development located at the confluence of Miami’s Coral Gables and Coconut Grove neighborhoods along US1 and Douglas Road.
Now under construction, the 35-story tower will include 432 market-rate apartments,12.5 percent of which will be set aside as workforce housing units, further advancing the transformation of Miami-Dade County’s Douglas Road Metrorail Station into a vibrant, connected urban transit hub. Construction is estimated to take 33 months to complete.
Link at Douglas’ first phase, which was completed in 2023, encompasses two fully leased residential towers with a total of 733 apartments – the 312-unit Core and the 421-unit Cascade buildings – along with more than 30,000 square feet of retail space anchored by a Milam’s Market. Plans for a fourth and final tower are also forthcoming, which will include another 400 residential units.
“Securing this construction financing marks a major milestone in bringing the next phase of Link at Douglas to life,” said Daryl Shevin, chief financial officer of 13th Floor Investments.
“It reflects strong confidence in our vision and the demand for well-located, high-quality transit-oriented housing in South Florida. We are pleased to further our relationship with Santander Bank and TD Bank and collaborate once again with Barings on another exciting development.”
Link at Douglas is the latest example of a successful public-private partnership with Miami-Dade County and its Department of Transportation and Public Works. The developers entered into a ground lease for publicly owned land which included privately funded transit and infrastructure upgrades at a critical connection point within the county’s transit system.
As part of the original agreement, the developers have completed more than $17 million in public infrastructure improvements, including a fully renovated Metrorail station and the development of a public plaza that will connect with a section of The Underline linear park.
“We’re proud to continue our partnership at Link at Douglas with the development of Cadence,” said Chris Cassella, managing director at Barings. “This project exemplifies the kind of forward-thinking, high-impact development we’re committed to, bringing smart density and long-term value to one of Miami’s most strategic locations.”
Cadence is the latest addition to 13th Floor Investments’ growing portfolio of multifamily developments across South Florida. The firm recently completed Savio, the first phase of its Parks at Delray project, which encompasses 420 luxury rental apartments in Palm Beach County’s Delray Beach, and currently is developing Parks at Hallandale, a 398-unit development in Broward County’s Hallandale Beach, and Parks at Davie, a 383-unit development in Broward’s Town of Davie, next to Broward College.
Since its founding in 2008, 13th Floor Investments has completed more than 3,900 residential units across South Florida, with a robust pipeline of over 4,800 units in development and under construction slated to be delivered over the next few years. Today, the firm is focused on the development of luxury residential and mixed-use multifamily developments, growing the firm’s industrial portfolio, and expanding its single-family homebuilding business, 13th Floor Homes. Learn more at www.13fi.com and www.barings.com.
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