IPA Capital Markets, a division of Marcus & Millichap (NYSE: MMI) specializing in capital markets services for major private and institutional clients, has secured $43 million in financing for the construction of Lyra Palmetto Bay, a planned eight-story, 192-unit multifamily development in Palmetto Bay, Florida. The project is being developed pursuant to Florida’s Live Local Act and is designed to serve renters earning between 80% and 120% of area median income, providing high-quality housing at attainable rent levels.
Marko Kazanjian, senior managing director in the firm’s Fort Lauderdale office, secured the financing with Pearlmark Real Estate Partners on behalf of the client, a joint-venture partnership between Ora Development Group, a developer of workforce housing communities, and Conconcreto, a publicly traded construction services and development company headquartered in Medellin, Colombia. The 274,063 square foot development, located at 17210 Homestead Avenue, will feature 192 residential units ranging from one to three bedrooms. Amenities will include a rooftop pool, gym, basketball and pickleball courts, elevators, meeting rooms and a 224-space parking garage. Construction began in July 2026 and is expected to be completed in December 2027.
The project is located adjacent to the South Dade TransitWay, a dedicated 20-mile bus rapid transit corridor connecting Homestead to Dadeland. Residents will have access to a nearby station, with connections to Metrorail at Dadeland Station for access to downtown Miami, Brickell, and the broader urban core. Kazanjian said the project “combines a highly amenitized residential experience with compelling public-sector incentives, strong South Dade demand fundamentals and an experienced sponsorship team,” positioning it to deliver attainable housing while creating a durable financing opportunity. Marcus & Millichap closed 8,818 transactions with a sales volume of $50.8 billion in 2025, and at year-end had 1,808 investment sales and financing professionals in more than 80 offices.
The announcement does not disclose the specific financing terms, including interest rate, loan-to-cost ratio, or the structure of the capital stack beyond the $43 million amount. It also does not specify the exact breakdown of units by bedroom type, the projected rent levels, or the total development cost. The source is a single secondary trade publication, and no additional documentation was available to corroborate the financing details or the project timeline.