Terra and New Valley have secured a $129.7 million refinancing for Natura Gardens, a 460-unit apartment complex located at 17351 Northwest 94th Court near Hialeah in northwest Miami-Dade County. The loan was provided by New York Life Insurance Company and an affiliate of Blackstone, according to a statement from a Terra spokesperson. Keith Kurland and Michael Diaz of Walker & Dunlap arranged the refinancing for Terra.
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 with a mix of one-, two-, and three-bedroom apartments ranging from 727 to 1,476 square feet. Rents for the units are listed between $2,125 and $4,851 per month.
In 2021, Terra and New Valley received a $64.8 million construction loan from Bank OZK to build the complex. The developers initially planned a larger mixed-use project for the 72-acre site, which they bought for $52 million from Prologis in 2019. Before construction began on Natura Gardens, the joint venture sold 45 acres for $53.5 million to Butters Group and Greystar, who plan to develop industrial space and a separate multifamily community.
The refinancing of Natura Gardens is part of a series of significant loan transactions for Terra. In January, the company obtained a $291 million loan for CentroCity, a mixed-use development with 470 apartments in Miami. Last year, Terra and Grass River secured a $245 million refinancing for their Grove Central project in Coconut Grove.
Recently, Terra proposed acquiring and redeveloping the Miami Seaquarium on Virginia Key into a modern aquarium and education campus without marine life. The $22.5 million plan includes preserving the site’s dome and adding retail, dining, marina facilities, and public green spaces. The acquisition requires approval from a bankruptcy judge in Delaware as well as final consent from Miami-Dade County, which owns the land under the Seaquarium.
