Terra and New Valley landed a $129.7 million refinancing for Natura Gardens, a 460-unit apartment community in northwest Miami-Dade County.
New York Life Insurance Company and an affiliate of Blackstone provided the loan for the complex at 17351 Northwest 94th Court near Hialeah, according to a statement from a Terra spokesperson. Keith Kurland and Michael Diaz with Walker & Dunlap arranged the refinancing on Terra’s behalf.
The mortgage replaces a $127 million loan provided by an affiliate of MF1 Capital last year, the statement said.
In 2023, Coconut Grove-based Terra, led by David Martin, and Miami-based New Valley, led by Howard Lober, completed Natura Gardens, a garden-style complex that consists of 12 three-story buildings, records show. The project offers a mix of one-, two- and three-bedroom apartments ranging from 727 square feet to 1,476 square feet. Monthly rents range from $2,125 to $4,851, according to Apartments.com.
In 2021, the joint venture secured a $64.8 million construction loan from Bank OZK to build Natura Gardens. Terra and New Valley had originally planned a much larger mixed-use development for the 72-acre site they acquired for $52 million from Prologis in 2019.
In 2021, before construction began on Natura Gardens, Terra and New Valley sold 45 acres for $53.5 million to Butters Group and Greystar, which are planning 500,000 square feet of industrial space and a 360-unit multifamily community.
The Natura Gardens refinancing follows a series of major loan closings across Terra’s portfolio. In January, the firm secured a $291 million loan for its 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.
Recently, Terra offered to purchase and overhaul the 70-year-old Miami Seaquarium on Virginia Key into a modern, marine life–free aquarium and education campus. The planned $22.5 million acquisition will preserve the site’s signature dome and add new retail, dining, a marina and green public spaces.
The deal has to clear a couple of hurdles. First, a bankruptcy judge in Delaware has to sign off on the sale of the lease and is expected to rule on it on Friday. Should the judge approve the transfer, Terra would also need to obtain final approval from Miami-Dade County, which owns the land underneath Miami Seaquarium.
