Terra and New Valley have secured a $129.7 million 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 that was issued last year by an affiliate of MF1 Capital. Terra, based in Coconut Grove and led by David Martin, and Miami-based New Valley, led by Howard Lober, completed the garden-style complex in 2023. The development consists of 12 three-story buildings and offers one-, two-, and three-bedroom apartments ranging from 727 to 1,476 square feet. Monthly rents are listed between $2,125 and $4,851.
In 2021, Terra and New Valley received a $64.8 million construction loan from Bank OZK to build Natura Gardens. The joint venture had initially planned a larger mixed-use project for the 72-acre site, which they purchased from Prologis in 2019 for $52 million. Before construction began, they sold 45 acres to Butters Group and Greystar for $53.5 million. The buyers are planning to develop 500,000 square feet of industrial space and a 360-unit multifamily community.
The refinancing at Natura Gardens is part of a broader trend of significant loan activity within Terra’s portfolio. In January, Terra secured a $291 million loan for CentroCity, a mixed-use development with 470 apartments in Miami. Last year, Terra and Grass River obtained a $245 million refinancing for Grove Central, a mixed-use project in Coconut Grove.
Terra has also recently proposed to acquire and redevelop the Miami Seaquarium on Virginia Key into a modern aquarium and education campus without marine life. The planned $22.5 million acquisition would preserve the existing dome structure while adding retail, dining, a marina, and green public spaces. The transaction is subject to approval from a bankruptcy judge in Delaware and final consent from Miami-Dade County, which owns the land.
