The developer of the MiLa apartments in north Miami-Dade County scored a $59 million loan to begin construction on the third phase of the 1200-unit apartment complex.
Pasadena at California Club, led by Robert Miller, is planning to build 12 residential buildings with 486 apartments as well as a clubhouse and a pool at 20941 San Simeon Way, property records show.
The group secured the loan from Synovus Bank, according to property records. A call to the development group was not immediately returned.
The MiLa Apartments total 74 acres, according to property records. The apartments range from one to three bedrooms with monthly rents from $1,500 to $1,900, according to MiLa’s website. Amenities include a community park with a basketball court and soccer field, an Olympic-sized swimming pool, and a movie theater and game room.
While the condo market has slowed down, multifamily has remained one of the best performing asset classes in South Florida. Developers are building new apartments as the area suffers from a housing shortage, experts say.
In Greater Downtown Miami alone, more than 24,000 multifamily units are in the pipeline this cycle, and roughly 11,000 units have been delivered or are under construction, according to Integra Realty Resources.
Via • The Real Deal Miami
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