MG Developer And Baron Property Group Secures $18M Loan For Metro Parc North Multifamily Project

Metro Parc North, a multifamily project in Hialeah, has secured an $18 million acquisition loan. The loan will be used by MG Developer and Baron Property Group to acquire a block of single-family houses as part of the expansion of the $600 million Metro Center development near Hialeah Hospital. This marks the third phase of the project, following earlier phases that were financed by a $148 million construction loan.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $18,000,000
• Address: 901 East 26th Street, Hialeah
• Market: Hialeah

The joint venture between MG Developer and Baron Property Group is spearheaded by Alirio Torrealba and Matthew Baron, respectively. Ayush Kapahi from HKS Capital Partners, along with Jeffery Donnelly and Dmitry Levkov from Colliers, served as the brokers in the deal. With the loan in place, the project is set to move forward in its mission to expand and transform the Metro Center area.