Prestige scores $21M construction loan for three Hialeah workforce housing complexes
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.