Terra and New Valley have secured nearly $130 million in 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. Walker & Dunlap’s Keith Kurland and Michael Diaz 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. The complex offers one-, two-, and three-bedroom apartments with sizes ranging from 727 to 1,476 square feet. Monthly rents at the property range from $2,125 to $4,851.
In 2021, before construction began on Natura Gardens, Terra and New Valley obtained a $64.8 million construction loan from Bank OZK. The developers initially planned a larger mixed-use project for the 72-acre site they purchased from Prologis for $52 million in 2019. That same year, they 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 at Natura Gardens is part of a series of significant financing deals for Terra. In January, the company closed a $291 million loan for its CentroCity project in Miami, which includes 470 apartments. Last year, Terra and Grass River secured a $245 million refinancing for their Grove Central mixed-use development in Coconut Grove.
Recently, Terra made an offer to acquire and redevelop the Miami Seaquarium on Virginia Key into a modern aquarium without marine life and an education campus. The proposed $22.5 million deal would preserve the site’s dome and add retail, dining options, a marina, and green public spaces. The sale requires approval from a bankruptcy judge in Delaware as well as final consent from Miami-Dade County, which owns the land.
