Terra has secured $245 million in permanent financing for the newly completed first phase of Upland Park, a $1 billion, 47-acre mixed-use transit-oriented development in West Miami-Dade County. The financing, provided by Slate Property Group, follows the completion of a 578-unit multifamily community that has already leased more than 60% of its units in less than 90 days since opening earlier this summer. The transaction matters because it converts construction-phase risk into stabilized, permanent capital at a moment when multifamily lenders remain selective, and it signals that a large, transit-oriented project in West Miami-Dade can attract institutional financing on the strength of early lease velocity rather than projected performance alone.
The first residential phase at 1455 NW 121st Avenue includes studio, one-, two-, and three-bedroom residences with select den layouts, ranging from approximately 700 to 1,528 square feet. Monthly rental rates start in the $2,000s. The project was designed by PPK Architects in collaboration with master plan architect Arquitectonica. Community amenities include a pool and separate children's pool, a clubhouse, pickleball courts, outdoor grilling and gathering areas, a playground, a dog park, a game lawn, and landscaped green spaces overlooking a community lake. Construction of the project's second residential phase, which will add another 484 multifamily apartments, is expected to begin later this year, indicating that the financing is tied to a broader development pipeline rather than a single completed asset.
The evidence for this transaction comes from a single full-text report published by Connect CRE on September 1, 2026. The source is a secondary trade publication focused on commercial real estate, and the dossier does not include corroborating announcements from Terra, Slate Property Group, or public records. Key figures—the $245 million financing amount, the $1 billion total project valuation, the 47-acre site size, the 578-unit first phase, the 484-unit second phase, and the more-than-60% lease rate within 90 days—are all drawn directly from that report. No loan term, interest rate, amortization schedule, or loan-to-value ratio is disclosed in the source, and the dossier does not identify the specific lender entity within Slate Property Group or the capital source behind the financing.
For the South Florida multifamily and mixed-use sector, the transaction suggests that well-located, transit-oriented projects with demonstrated leasing momentum can still access large permanent loans even as broader capital markets remain cautious. The early lease-up pace—more than 60% in under 90 days—provides a concrete performance signal that likely supported the financing decision. The start of the second residential phase later this year would add 484 units to a submarket that is already absorbing new supply, and the project's mix of residential density, amenities, and transit orientation positions it within a development pattern that Miami-Dade planners have generally encouraged. However, the source does not provide comparable financing benchmarks, cap rates, or rent growth data, so the transaction should be read as a single data point rather than a broad market trend.
The main limitation is evidentiary: the analysis rests on one secondary trade report with no independent verification of the financing terms, the borrower's capital stack, or the lender's underwriting assumptions. The dossier explicitly notes that material claims are absent and that missing information includes details that would normally accompany a financing announcement, such as loan maturity, interest rate, and recourse structure. What to watch next is whether Terra or Slate Property Group issues a formal statement, whether the second phase breaks ground on the stated timeline, and whether the first phase's lease-up pace holds as the initial lease cohort approaches renewal. Until then, the $245 million figure and the project's early performance should be treated as reported but not independently confirmed.