Terra and New Valley have secured nearly $130 million in refinancing 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 from an affiliate of MF1 Capital that was issued 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 offering one-, two-, and three-bedroom apartments ranging from 727 to 1,476 square feet. Monthly rents are listed between $2,125 and $4,851.
The development was built after the joint venture obtained a $64.8 million construction loan from Bank OZK in 2021. Originally, Terra and New Valley had planned a larger mixed-use project for the site they purchased for $52 million from Prologis in 2019. Prior to construction starting on Natura Gardens, they sold 45 acres for $53.5 million to Butters Group and Greystar in 2021; those firms plan to develop industrial space and another multifamily community.
This refinancing comes amid other significant financial moves by Terra. In January, the company closed on a $291 million loan for CentroCity, its mixed-use project with 470 apartments in Miami. Last year, Terra and Grass River secured a $245 million refinancing for their Grove Central mixed-use project in Coconut Grove.
Terra has also recently proposed acquiring the Miami Seaquarium on Virginia Key for $22.5 million with plans to redevelop it into an aquarium without marine life and add retail, dining options, marina facilities, and green spaces while preserving the site’s dome structure. The sale requires approval from both a bankruptcy judge in Delaware—expected to rule on Friday—and Miami-Dade County, which owns the land beneath the Seaquarium.
