SCALE Lending, the debt financing arm of Slate Property Group, announced that it has finalized a $245 million bridge loan for Terra Group for Upland Park Phase 1A, a six-building multifamily community under construction in the Sweetwater neighborhood of Miami, Fla.
Terra Group will utilize the funds to repay the existing construction loan provided by SCALE Lending in December 2024, complete construction and fund lease-up of the ground-up development. All construction is expected to be completed by October 2026. The floating-rate loan runs through September 2027, with two six-month extension options.
Upland Park Phase 1A is a $1 billion mixed-use community, a transformation of the former West Miami-Dade County’s Dolphin Park-and-Ride/Transit Terminal Facility into a 47-acre fully integrated multimodal transit hub with residential, retail, hospitality and commercial uses.
The development comprises 578 units across five residential buildings, ranging from studio
