Terra and New Valley have secured a $129.7 million refinancing package for Natura Gardens, a 460-unit apartment complex located at 17351 Northwest 94th Court in northwest Miami-Dade County, near Hialeah. The loan was provided by New York Life Insurance Company and an affiliate of Blackstone, according to a statement from a Terra spokesperson. The refinancing was arranged by Keith Kurland and Michael Diaz of Walker & Dunlap.
The new mortgage replaces a previous $127 million loan from an affiliate of MF1 Capital that was issued last year. Natura Gardens, completed in 2023 by Coconut Grove-based Terra, led by David Martin, and Miami-based New Valley, led by Howard Lober, consists of 12 three-story buildings. The complex offers one-, two-, and three-bedroom apartments ranging from 727 to 1,476 square feet. Rents at the property range from $2,125 to $4,851 per month.
The joint venture initially secured a $64.8 million construction loan from Bank OZK in 2021 to build the complex. Terra and New Valley had originally planned a larger mixed-use development for the 72-acre site, which they purchased for $52 million from Prologis in 2019. Before construction began on Natura Gardens, the developers sold 45 acres to Butters Group and Greystar for $53.5 million. Butters Group and Greystar are planning to develop 500,000 square feet of industrial space and a 360-unit multifamily community on that land.
The refinancing of Natura Gardens is the latest in a series of major loan transactions for Terra. In January, Terra secured a $291 million loan for CentroCity, a mixed-use development with 470 apartments in Miami. Last year, Terra and Grass River obtained a $245 million refinancing for their Grove Central mixed-use project in Coconut Grove.
Terra has also recently made an offer to purchase and redevelop the Miami Seaquarium on Virginia Key into an aquarium and education campus without marine life. The proposed $22.5 million acquisition would preserve the site’s dome and add retail, dining, marina, and green public spaces. Approval from both a bankruptcy judge in Delaware and Miami-Dade County is required before the sale can proceed.
