Terra and New Valley have secured a $129.7 million refinancing package 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 on behalf of Terra.
The new mortgage replaces a previous $127 million loan issued by an affiliate of MF1 Capital 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 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 on Apartments.com.
In 2021, the joint venture received a $64.8 million construction loan from Bank OZK for the development of Natura Gardens. 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 starting construction on Natura Gardens, Terra and New Valley sold 45 acres of the property for $53.5 million to Butters Group and Greystar, who intend to build industrial space and additional multifamily units.
This refinancing is part of a series of major financing activities for Terra. In January, Terra obtained a $291 million loan for its CentroCity mixed-use development in Miami, which includes 470 apartments. Last year, Terra and Grass River also secured a $245 million refinancing for their Grove Central mixed-use project in Coconut Grove.
Terra has also made an offer to acquire and redevelop the Miami Seaquarium on Virginia Key into an aquarium without marine life and an education campus. The proposed $22.5 million purchase would preserve the existing dome structure while adding retail, dining options, a marina, and public green spaces. The acquisition still requires approval from a bankruptcy judge in Delaware and final consent from Miami-Dade County, which owns the land beneath the Seaquarium.
