Prestige Companies is continuing its multifamily development spree in Hialeah, as it just scored a $21 million construction loan for three workforce housing complexes.

The Miami Lakes-based developer will start building Palm Avenue Lofts at 1201 Palm Avenue; Champions Lofts at 40 West 23 Street and 2290 Palm Avenue; and Poe’s Lofts at 7901 West Fourth Avenue, according to Prestige Chief Operating Officer Alexander Ruiz.

Black River Partners put together the loan syndicate and also participated in the financing, Ruiz said.

The three-story, garden-style projects with a total of 186 workforce housing units are expected to be completed next year. Prestige bought the development sites in 2019 and 2020 for a total of $7.4 million, according to Ruiz.

Champions Lofts will have 48 units in two buildings on 0.7 acres. Palm Avenue Lofts will have 30 units in two buildings on a half-acre. And Poe’s Lofts will have 108 units in several buildings on 1.9 acres.

Poe’s Lofts is the only one in Hialeah’s Amelia District. Prestige is developing the district with 800 units and 18,000 square feet of commercial properties, stretching from the Gratigny Parkway south to West 74th Place and from Amelia Earhart Park west to Red Road.

Prestige, led by Marty Caparros Jr., is focusing heavily on Hialeah, but also is developing outside the city. It recently scored a $12.4 million construction loan for The Trail workforce housing project on the Ludlam Trail in central Miami-Dade County.

In June, it scored a $6.6 million construction loan for a 30-unit apartment development with 17,000 square feet of commercial space.

Construction financing for multifamily has been flowing recently, as several other developers also closed on loans. In Hialeah, The Estate Companies secured $29.5 million to convert a long-closed Hialeah Ramada Inn into the 251-unit Alture Westland.

Prestige Companies scored a $12.4 million construction loan for a workforce housing project to be built on the site of a former mobile home park in central Miami-Dade County.

Miami Lakes-based Prestige and Miami-based Florida Value Partners are building the $17 million The Trail garden-style community at 1040 Southwest 70th Avenue, along the planned Ludlam Trail linear park, according to a press release. Conway, Arkansas-based Centennial Bank provided the loan.

The financing is for the first phase, which will include two three-story buildings with 84 units on 2 acres. Construction will be completed in the first quarter of next year, according to the release. The second phase will have five three-story buildings with 230 units. It is expected to be completed in the third quarter of next year.

The Trail will have one- and two-bedroom apartments, with rents ranging from $1,600 to $1,900 a month. Amenities will include an outdoor gym and a dog park.

Prestige Companies assembled the 8-acre development site over the past four years by acquiring ownership interest in landowner Lion Miami Terrace, and by purchasing some of the lots through deeds, according to Alexander Ruiz, Prestige’s chief operating officer. He declined to disclose the acquisition price of the assemblage.

The 5.6-mile Ludlam Trail will stretch from Southwest 80th Street north to Northwest Seventh Street, mostly along the former Florida East Coast Railway path. It will connect with The Underline, another county linear park that is to stretch 10 miles underneath the Metrorail tracks from Brickell to the Dadeland South Metrorail station. The first phase from Brickell Backyard to Southwest 13th Street is open, according to The Underline’s website.

This is the latest in a series of Miami-Dade multifamily construction loans that developers have scored in recent months. The Estate Companies secured $29.5 million to convert a long-closed Hialeah Ramada Inn into 251-unit Alture Westland; and The Astor Companies scored $32.4 million to build the mixed-income, 199-unit Douglas Enclave near Miami’s Flagler Street.

In one of the biggest financing deals, Terra nabbed $64.8 million for the construction of the 460-unit Natura Gardens near American Dream Miami mega-mall and just outside Miami Lakes.

“We are excited to be part of this great transformation. The formerly dilapidated mobile home project will soon be a modern walking and biking community in one of the county’s most transcendent projects” says Alexander Ruiz, COO of Prestige Companies. The Trail will be a multifamily, garden-style, workforce housing community with a mix of stylish 1 and 2-bedroom apartments. While the community will be fully compliant with parking, Prestige Companies believes the walkability and bike-ability will be a great appeal for a younger generation who prefers to spend less time in their car.

The Ludlam Trail is a new shared-use trail that will include safe, dedicated, direct pathways for walking, running, and cycling in order to encourage active lifestyles and enhance connectivity between schools, parks, transit stops, workplaces and shopping. “As one of our flagship developments, this project brings a great amount of energy and momentum to complement the Ludlam Trail’s vision,” comments Dennis Rodriguez, a partner at Prestige Companies. Ludlam Trail runs from SW 80th street up to NW 7th street and will connect with the Underline, a grand pedestrian pathway which will run 10 miles in total from Brickell to Dadeland.

“Once the pandemic is over and people begin using mass transit again, if you can do sustainable development around those transit nodes ppl will use them,” Ruiz said.

The project was designed by architect Albert O. Gonzalez. Attorney Hugo P. Arza represents the developer in the application.

MIAMI, March 22, 2021 (Newswire.com) – Prestige Companies broke ground this past Wednesday on The Trail, a new apartment community that will feature the first part of the Miami-Dade County’s 5.6-mile long Ludlam Trail. Phase one of the master project will deliver 84 units on over 2 acres of land at the northwest corner of Southwest 12th Street and Southwest 70th Avenue, just south of Miami International Airport. Phase two, which incorporates a retail component and 200 additional units, will follow along in the coming months.

“We are excited to be part of this great transformation. The formerly dilapidated mobile home project will soon be a modern walking and biking community in one of the county’s most transcendent projects” says Alexander Ruiz, COO of Prestige Companies. The Trail will be a multifamily, garden-style, workforce housing community with a mix of stylish 1 and 2-bedroom apartments. While the community will be fully compliant with parking, Prestige Companies believes the walkability and bike-ability will be a great appeal for a younger generation who prefers to spend less time in their car.

The Ludlam Trail is a new shared-use trail that will include safe, dedicated, direct pathways for walking, running, and cycling in order to encourage active lifestyles and enhance connectivity between schools, parks, transit stops, workplaces and shopping. “As one of our flagship developments, this project brings a great amount of energy and momentum to complement the Ludlam Trail’s vision,” comments Dennis Rodriguez, a partner at Prestige Companies. Ludlam Trail runs from SW 80th street up to NW 7th street and will connect with the Underline, a grand pedestrian pathway which will run 10 miles in total from Brickell to Dadeland.