ACRE secures $123M loan for 337-unit Miami rental project

• ACRE lands $123M construction loan from Canyon Partners
• Project will deliver a 337-unit multifamily development in Miami
• Includes affordable units and a public parking commitment

What ACRE is building in Miami

ACRE has secured financing to develop Adela II at MiMo Bay, a 337-unit rental project in Miami’s Upper East Side. The project marks the firm’s second multifamily development in the area, building on its previous Adela property nearby.

What the financing signals for the deal

Canyon Partners provided $123 million in floating-rate debt, signaling continued lender confidence in Miami’s rental market. Large construction loans like this highlight sustained capital flow into multifamily, particularly in well-located urban infill neighborhoods.

What the project includes

The six-story development will include 337 units, with a portion set aside for renters earning between 80 and 120 percent of the area median income. The project will also feature 510 parking spaces and is designed by Corwil Architects. As part of its agreement with the city, ACRE will also deliver public parking and contribute $1 million toward local district improvements.

How it fits into ACRE’s Miami strategy

This project expands ACRE’s footprint in the MiMo district, where the firm completed its first Adela development in 2020. The continued investment signals confidence in the neighborhood’s growth and long-term rental demand.

What this means for Miami investors

This deal reinforces Miami’s position as a top target for multifamily capital, with both developers and lenders actively deploying funds into new projects. For investors, the takeaway is clear. Well-located rental developments with mixed-income components continue to attract strong financing and remain a core part of the market’s growth story