Terra Closed on $170M Construction Loan for $1B Upland Park Mixed-Use TOD

Terra, a leading South Florida development firm, is set to revolutionize West Miami-Dade County with its $1 billion Upland Park project. Positioned at the Dolphin Park-and-Ride/Transit Terminal Facility, this 47-acre mixed-use development will serve as a multimodal transit hub featuring residential, retail, and commercial spaces. The project marks Miami-Dade County’s largest-ever public-private, transit-oriented development and aligns with the county’s SMART public transportation plan to boost transit ridership.

Financing the First Phase

A $170 million construction loan from SCALE Lending, the financing arm of Slate Property Group, will fund Upland Park’s first phase. This includes the construction of 578 multifamily apartments, breaking ground in early 2025.

A Visionary Design

The master plan for Upland Park integrates designs by PPK Architects, Arquitectonica, and Plusurbia Design. Once completed, the development will offer over 2,000 multifamily apartments, 282,000 square feet of retail, and 414,000 square feet of commercial space. This design addresses the rising demand for real estate in West Miami-Dade while promoting mobility and economic growth.

Economic and Community Impact

"As an example of the growing demand for mixed-use, transit-connected communities, Upland Park will not only create jobs and generate new tax revenues, but it will also help drive economic growth and mobility solutions in the County for decades to come," said David Martin, CEO of Terra.

“SCALE has provided over $2.5 billion in loan originations for multifamily projects since its inception, and Upland Park adds to our core portfolio of loans. We are excited to continue with our Florida expansion plans and will be closing on over $250 million in loans in Florida in the next 90 days,” said Martin Nussbaum, Co-Founder and Principal at Slate Property Group.

Enhancing Mobility and Connectivity

Strategically located, Upland Park will improve transit accessibility for nearby residential areas, connecting residents to major employment hubs like Miami International Airport, Downtown, and Brickell. The development also supports multimodal transit options, offering residents viable alternatives to traditional commutes.

Terra’s Growing Portfolio

Upland Park is the latest addition to Terra’s portfolio of transit-oriented and mixed-use developments. Similar projects include Grove Central in Coconut Grove and Pines Garden at City Center in Pembroke Pines. Terra is also working on CentroCity, a 38-acre mixed-use development near Little Havana.

SCALE Lending’s Broader Impact

SCALE Lending’s support for Upland Park follows a series of significant multifamily financing deals, including projects in New York and New Jersey. With over $1 billion in loan originations in 2024 alone, SCALE continues to expand its influence across key U.S. markets, including Florida.

Upland Park exemplifies the power of public-private collaboration to address urban challenges, providing a blueprint for sustainable growth and mobility in Miami-Dade County.