Terra Secures $245 Million Loan From Scale Lending For Upland Park Development In Miami

The asset involved in this transaction is a development site located at 1455 Northwest 121st Avenue, Miami, FL. The site is part of a larger 47-acre mixed-use development named Upland Park, which includes 578 apartments. The market value is represented through a bridge loan of $245 million secured by Terra for the first phase of the development. The first phase is over 60% leased and was completed this year.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $245,000,000
• Lender: SCALE Lending
• Landlord: David Martin - Terra
• Loan Terms: floating-rate
• Location: 1455 Northwest 121st Avenue, Miami, FL
• Total Development Area: 47 acres
• Phase One Apartments: 578
• First Phase Lease Status: over 60% leased

The key individuals involved in this transaction include David Martin, who is representing Terra in the loan agreement with SCALE Lending, the debt arm of Slate Property Group. Terra plans to initiate a second phase of the development, which will consist of an additional 484 apartments, later this year.