13th Floor Investments and Barings secured $125 million in financing for a Miami multifamily project that’s under construction.
A syndicate of Santander Bank and TD Bank provided the loan for Cadence, a planned 35-story tower with 432 mixed-income apartments at 3100 Douglas Road. It’s part of Link at Douglas, a 7-acre mixed-use project adjacent to the Douglas Road Metrorail Station in Coconut Grove, a press release states.
The joint venture is setting aside 12.5 percent of the apartments for workforce housing as part of a ground lease agreement with Miami-Dade County, which owns the land underneath Link at Douglas. Miami-based 13th Floor, led by Arnaud Karsenti, and Barings expect to complete Cadence by 2027, the release states.
Led by CEO Mike Freno, Charlotte, North Carolina-based Barings is the global investment arm of MassMutual Insurance Company. Barings manages $442 billion-plus in global assets, according to the firm’s website.
13th Floor and Miami-based Adler Group completed the first phase of Link at Douglas in 2023. The first phase includes Core, a 22-story building with 312 units; Cascade, a 37-story skyscraper with 421 apartments; and more than 30,000 square feet of retail space anchored by Milam’s Market. The partnership also completed $17 million in public infrastructure improvements, including a fully renovated Metrorail station and the development of a public plaza that connects to The Underline linear park, the release states.
13th Floor is also planning a fourth multifamily project with 400 apartments at Link at Douglas, the release states. Adler Group is not involved in development of Cadence and the fourth project.
Recently, 13th Floor joined Coconut Grove-based Related Urban and Fort Lauderdale-based Merrimac Ventures in submitting the only proposal to develop MetroCenter, a planned $10 billion mega-mixed-use project in downtown Miami in partnership with Miami-Dade County.
In Palm Beach County, 13th Floor, Key International, Wexford Real Estate Investors and CDS International Holdings recently completed Savio, a 420-unit multifamily project within Parks at Delray, a planned mixed-use community in Delray Beach.
