Perrine Estates LLC Secures $43M Construction Loan for Residential Development

• Perrine Estates LLC, an affiliate of Monceau Realty, secured a $43 million construction loan for a residential development in West Perrine.
• The project will include 192 apartments, with 12.5% designated as workforce housing.
• Plans also call for nearly 2,000 square feet of retail space.
• The development will rise on a vacant 1.47-acre site at Banyan Street and Homestead Avenue in Miami-Dade County.
• The developer acquired the property for $3.5 million in 2022.

What Perrine Estates Will Include

Perrine Estates LLC, an affiliate of Bay Harbor Islands-based Monceau Realty, has secured a $43 million construction loan for Perrine Estates, a planned residential development in Miami-Dade County. The project will include 192 apartments, with 12.5% of the residences set aside as workforce housing. Based on the planned unit count, approximately 24 apartments would receive the workforce designation. Plans also include nearly 2,000 square feet of retail space, adding a small commercial component to the residential development.

What the Workforce Housing Component Means

Miami-Dade County defines workforce housing as homes reserved for households earning between 60% and 140% of the area median income. Under the county’s current income guidelines, a qualifying four-person household would earn between $50,820 and $111,580 annually. Perrine Estates is expected to pursue county incentives connected to its workforce housing component. However, the development is not being filed under Florida’s Live Local Act. The Live Local Act generally requires at least 40% of a qualifying project’s residential units to be designated as affordable housing. Perrine Estates’ planned 12.5% workforce housing allocation falls below that threshold.

What Is Planned for the Development Site

Perrine Estates is planned for a vacant 1.47-acre property at the corner of Banyan Street and Homestead Avenue in West Perrine. The site is located in the 33157 ZIP code in southern Miami-Dade County. Perrine Estates LLC acquired the property for $3.5 million in 2022. No existing buildings will need to be removed because the development site is currently vacant. Details regarding the project’s building height, number of stories, apartment layouts and amenity package have not been announced.

What the Construction Financing Means for the Project

The $43 million construction loan provides financing for the project as it moves toward development. Based on the planned 192 apartments, the loan equals approximately $224,000 per residential unit before accounting for the project’s retail component. The financing represents a significant step for Perrine Estates, although a construction start date and anticipated completion timeline have not been disclosed. The project will add new rental housing and neighborhood-serving retail space to a vacant site while including a workforce housing component intended to serve a broader range of Miami-Dade households.

What Perrine Estates Could Add to West Perrine

Perrine Estates will bring 192 new apartments to West Perrine as demand for housing continues across Miami-Dade County. The project’s combination of market-rate apartments, workforce housing and retail space will introduce a mixed-use element to the 1.47-acre property. Its workforce units could also provide additional housing options for households that may earn too much to qualify for traditional affordable housing but still face challenges with rising market-rate rents. Perrine Estates is separate from Perrine Village, another residential development recently reported in the area.