SCALE Lending, the debt financing arm of Slate Property Group, has provided a $245 million bridge loan for Phase IA of Upland Park, a $1 billion mixed-use development underway on 47 acres in Miami's Sweetwater neighborhood. The transaction matters because it represents a same-lender refinancing of an existing construction loan, shifting the capital stack from construction financing to a floating-rate bridge facility just as the first residential phase nears completion. The borrower and developer, Terra Group, will use proceeds to pay off the existing construction loan, which was also provided by SCALE Lending.
The floating-rate loan features two six-month extension options, giving the borrower up to a year of additional runway beyond the initial term. The first phase comprises 578 apartments across five residential buildings, and Terra expects to complete construction next month. Charleston-based Greystar has been tapped as property manager. Floorplans range from studio through three-bedroom configurations, with monthly rental rates from $2,726 to $4,811, according to Apartments.com. Planned amenities include pickleball courts, a dog park, bike storage, EV charging stations, swimming pools, lake access, and a clubhouse featuring a theater, social lounges, a business center, fitness centers, and a children's playroom.
The project is a redevelopment of West Miami-Dade County's former Dolphin Park-and-Ride/Transit Terminal Facility, positioning Upland Park as a transit-oriented development. The design-build team includes PPK Architects, master architect Arquitectonica, and urban planner Plusurbia Design. At full completion, Upland Park will feature more than 2,000 apartments, a 126-room hotel, roughly 282,000 square feet of retail space, and approximately 414,000 square feet of commercial space, including Class A offices. The single source for this transaction is RE Business Online, a secondary trade publication, and the dossier does not include corroborating announcements from SCALE Lending, Slate Property Group, or Terra Group.
The refinancing carries several sector implications. First, it shows a lender willing to remain in a deal through the construction-to-stabilization transition, which can signal confidence in lease-up prospects for a large Miami-area multifamily project. Second, the floating-rate structure with extension options suggests the borrower is preserving flexibility around interest rate movements and stabilization timing. Third, the rental range of $2,726 to $4,811 per month indicates a premium positioning for the Sweetwater submarket, though the dossier does not provide comparable market rents or absorption data to test that positioning. The scale of the full project—more than 2,000 apartments plus hotel, retail, and office components—implies a long-term, multi-phase capital plan in which this bridge loan is only one piece.
Key limitations and unknowns remain. The dossier does not disclose the loan-to-cost or loan-to-value ratios, the interest rate spread, the original construction loan amount, or the maturity date of the bridge facility. It also does not state whether the extension options are subject to performance tests or fees. No quotes from executives at SCALE Lending, Slate Property Group, or Terra Group are included. What to watch next: whether Terra completes Phase IA on schedule, how quickly Greystar leases the 578 units, and whether SCALE Lending or another lender provides financing for subsequent phases of the $1 billion development.