13th Floor Investments, in partnership with Barings, has secured a $125 million construction loan from a syndicate of Santander Bank and TD Bank to finance the development of CADENCE, a new transit-oriented multifamily project near US-1 and Douglas Road in Miami. Now under construction, the 35-story tower will include 432 market-rate apartments,12.5% of which will be set aside as workforce housing units. Construction is estimated to take 33 months to complete.Â
The developers entered into a ground lease with Miami-Dade County for publicly owned land which included privately funded transit and infrastructure upgrades at a critical connection point within the County’s transit system. As part of the original agreement, the developers have completed more than $17 million in public infrastructure improvements, including a fully renovated Metrorail station and the development of a public plaza that will connect with a section of The Underline linear park.
CADENCE is the third project at The Link at Douglas (photo) to go in at the location. A fourth is in the planning stages.
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