|
Getting your Trinity Audio player ready...
|
Berkadia, a distinguished leader in the commercial real estate sector, has announced that it arranged a $35 million non-recourse construction loan for the development of Casa Princeton Phase III, a 162-unit, eight-story multifamily development in the Princeton community of south Miami-Dade.
The project represents the third and final phase of the Casa Princeton master-planned community which will comprise 374 apartment homes upon completion. The project is slated to begin construction in August, with completion anticipated in early 2028.
Senior managing director Charles Foschini, managing director Christopher Apone, associate director Shannon Wilson, and vice president Lourdes Carranza-Alvarez of Berkadia Miami arranged the financing on behalf of the developer, Aconcagua Group.
S3 Capital provided the two-year, floating-rate loan.
“With the first two phases demonstrating strong leasing demand, lenders recognized the strength of both the sponsorship and the market fundamentals behind Casa Princeton Phase III,” Foschini said. “As residential growth continues to accelerate across South Miami-Dade, well-located communities that deliver quality housing with convenient access to major employment and commercial centers continue to attract significant interest. We were able to capitalize on those dynamics to secure a highly competitive financing solution.”
Located at 12867 SW 248 St. in Princeton, Casa Princeton Phase III will have 69 one-bedroom and 93 two-bedroom residences averaging approximately 793 square feet. Apartment homes will feature floor-to-ceiling windows, walk-in closets, wood-style laminate flooring, quartz countertops, stainless steel appliances, kitchen peninsulas, walk-in pantries, and a private balcony or terrace in every unit.
Community amenities will include a clubhouse, coworking lounge, event room, children’s playground, barbecue area and landscaped open space. Residents also will have access to the existing amenities throughout the Casa Princeton community, including a resort-style swimming pool, fitness center, dog park and pet spa, mini-market, game and party room, package lockers and covered parking.
South Miami-Dade continues to attract residential demand as population growth and employment expansion drive the need for strategically located multifamily communities. With convenient access to major employment centers, transportation networks and established commercial corridors, Princeton has emerged as a growing submarket within the broader Miami-Dade region.
Located approximately 2.3 miles west of Florida’s Turnpike, the property provides convenient access to major employment centers throughout South Miami-Dade, including Homestead Air Reserve Base, Baptist Health Homestead Hospital and the retail corridor surrounding Southland Mall. Via US1, residents can reach Downtown Dadeland, South Miami, Coral Gables, Coconut Grove and Brickell, connecting the community to some of Miami’s largest employment hubs, higher education institutions, dining, shopping and entertainment destinations.
To learn more about Berkadia, visit www.berkadia.com.
ABOUT US:
For more Miami community news, look no further than Miami Community Newspapers. This Miami online group of newspapers covers a variety of topics about the local community and beyond. Miami’s Community Newspapers offers daily news, online resources, podcasts and other multimedia content to keep readers informed. With topics ranging from local news to community events, Miami’s Community Newspapers is the ideal source for staying up to date with the latest news and happenings in the area.
This family-owned media company publishes more than a dozen neighborhood publications, magazines, special sections on their websites, newsletters, as well as distributing them in print throughout Miami Dade County from Aventura, Sunny Isles Beach, Miami Beach, Coral Gables, Brickell, Coconut Grove, Pinecrest, South Miami, Kendall, Palmetto Bay, Cutler Bay and Homestead. Each online publication and print editions provide comprehensive coverage of local news, events, business updates, lifestyle features, and local initiatives within its respective community.
Additionally, the newspaper has exclusive Miami community podcasts, providing listeners with an in-depth look into Miami’s culture. Whether you’re looking for local Miami news, or podcasts, Miami’s Community Newspapers has you covered. For more information, be sure to check out: https://communitynewspapers.com.
If you have any questions, feel free to email Michael@communitynewspapers.com or Grant@communitynewspapers.com.
