Canyon Partners Secures $123.8 Million Loan for New Miami Residential Development

Canyon Partners Real Estate Provides $123.8 Million Senior Loan for Class-A Miami Residential Community

Canyon Partners Real Estate LLC, a prominent player in the investment sector, has announced a major financial commitment, offering a substantial senior loan of $123.8 million to ACRE, a global real estate private equity firm. This funding is aimed at facilitating the development of a luxury residential community located in the vibrant city of Miami, Florida, known as Adela on the Park.

Project Overview

The Adela on the Park project is set to feature a total of 337 residential units across a sprawling 282,611 rentable square feet. In addition to the residences, the development will include approximately 6,000 square feet of ground-floor retail space and 522 dedicated parking spaces for residents and visitors. The units will be designed with modern floor plans complemented by high-end finishes, such as quartz countertops, stainless steel appliances, and private balconies, ensuring a premium living experience.

Residents of Adela on the Park will benefit from an extensive amenity package designed to enhance their lifestyle. The property promises a rooftop pool deck offering stunning views of the Miami skyline, a clubroom for social gatherings, co-working spaces tailored for remote workers, and a state-of-the-art fitness center.

Phase Development

This project represents the second phase of a larger residential initiative following the successful completion of Adela at MiMO Bay, which saw the construction of 236 units in 2020. With the launch of this new phase, Canyon is set to expand the existing footprint of the community, adding even more units and updated amenities to create a cohesive residential setting within the bustling neighborhood.

Desirable Location

Strategically situated in Miami's Upper East Side, the residential community is located within a highly sought-after submarket that boasts proximity to key demand drivers such as the Miami Design District, Wynwood, and Downtown Miami. The area is well-known for its eclectic mix of dining, retail, and cultural attractions, providing residents with an engaging urban lifestyle. Furthermore, the location offers convenient access to Miami Beach and the scenic Biscayne Bay waterfront, enhancing its allure among potential residents.

Jacob Feingold of Canyon Partners Real Estate remarked on the significance of this financing: "This financing reflects our continued conviction in high-quality multifamily developments with quality partners in high-growth markets like Miami. Adela on the Park benefits from a compelling infill location, strong demographic tailwinds, and an experienced sponsor in ACRE."

Partnership Comments

Jesse Kehoe from ACRE echoed this sentiment, stating, "We are proud to partner with Canyon to deliver a best-in-class residential community in one of Miami's most sought-after neighborhoods. We believe the property's exceptional location, thoughtful design, and comprehensive amenity offering will establish it as a premier asset in the market."

Canyon's Investment Approach

Canyon Partners has established itself as a reliable provider of debt and equity in the real estate market, particularly within Florida. Since its inception, the company has funded approximately $4.6 billion in various projects throughout the state. With over three decades of experience, Canyon has refined its investment approach to cater to a diverse range of asset types, encompassing both primary and secondary markets across the United States.

About Canyon Partners Real Estate LLC

Founded in 1991, Canyon Partners Real Estate LLC operates as the real estate direct investing arm of Canyon Partners, LLC, a global alternative investment manager overseeing approximately $30 billion in assets. The firm has successfully deployed over $7.8 billion in debt and equity through various transactions, emphasizing opportunistic strategies in multifamily housing and other real estate sectors.

About ACRE

Established in 2011, ACRE is a vertically integrated real estate fund manager dedicated to U.S. residential housing strategies. With a robust track record of over $8.0 billion in transactions, ACRE has positioned itself as a recognized leader in the market, managing approximately $5.5 billion across multifamily and single-family rental housing investments. The firm operates with offices located in New York, Miami, Atlanta, and Singapore.

For more details and updates on the Adela on the Park project and Canyon Partners’ future ventures, you can visit Canyon Partners.