Portions of the project have been completed over the past decade, with 13th Floor and Adler finishing the first phase in 2023 with the 22-story, 312-unit Core and 37-story, 421-unit Cascade apartment buildings, as well as more than 30,000 square feet of retail anchored by Milam\u2019s Market. They also completed $17 million in public infrastructure improvements, including renovating the Metrorail stop and building a public plaza that connects to The Underline linear park.\u00a0<\/p>\n
Last year, 13th Floor and Barings scored $125 million<\/a> in financing for the third tower, the 35-story, 432-unit Cadence. A syndicate of Santander Bank and TD Bank was the lender.\u00a0<\/p>\n Cadence is under construction, and completion is expected in 2028, according to the release. Completion of Crescendo is expected in 2029.\u00a0<\/p>\n Once fully built, Link at Douglas will have more than 1,500 residential units.\u00a0<\/p>\n Adler Group isn\u2019t involved in Cadence and Crescendo.\u00a0<\/p>\n Barings, a subsidiary of MassMutual with a minority investment from MS&AD, is a global alternative asset manager with $481 billion of assets under management as of the first quarter, its website shows. It\u2019s led by Mike Freno.\u00a0<\/p>\n Barings has been a Link at Douglas partner from the project\u2019s start, the release says.\u00a0<\/p>\n 13th Floor, which has completed several condo towers across Miami-Dade, has had a heightened focus in recent years on transit-oriented development done through public-private partnerships. The firm is led by Arnaud Karsenti<\/a>.\u00a0<\/p>\n Near the Boca Raton Tri-Rail passenger train station, 13th Floor and Rockpoint are developing a 340-unit multifamily project with 24,000 square feet of retail after landing a $100 million<\/a> construction loan in February. 13th Floor leased the land from Tri-Rail\u2019s parent, the South Florida Regional Transportation Authority.\u00a0<\/p>\n Next to the South Miami Metrorail Station, 13th Floor plans a pair of apartment buildings with 670 units<\/a>, combined. The project will replace South Miami\u2019s city hall and will include a new five-story municipal building.\u00a0<\/p>\n South Florida\u2019s multifamily oversupply is largely due to hefty new completions over the past half decade. Completions reached a record in 2024, with 18,600 new units<\/a> delivered across the tri-county region, outpacing the 15,000 in net leasing, according to CoStar Group. The pipeline has eased some, though not entirely. Developers completed 12,718 apartments last year, still outpacing net leasing by about 300 units, CoStar data shows.\u00a0<\/p>\n In the meantime, the influx of out-of-staters that initially created unprecedented rental demand in the first three years of the pandemic slowed, curbing demand.\u00a0<\/p>\n Despite this, developers have jumped on new projects, saying demand will catch up to supply by the time they finish their projects. Many also insist they\u2019re carefully selecting the submarket <\/a>where they\u2019re developing to ensure it\u2019s not oversupplied.\u00a0<\/p>\n In April, Acre scored $123 million<\/a> to build the six-story, 337-unit Adela II complex in the MiMo Biscayne Boulevard Historic District, and Evolve Companies obtained $48.5 million to build the eight-story, 141-unit Evolve Wynwood 35 building in the Wynwood Norte neighborhood.\u00a0\u00a0<\/p>\n Hyperion Group landed a $108 million<\/a> construction loan in March for the long-delayed 371-unit Ocean One apartment building in Boynton Beach. Silverstein Properties provided project equity.<\/p>\n \tRead more \t\t\t\t\t\t\t\t\t\t\t\t\t Rent reprieve: Miami rates drop nearly 8% y-o-y, amid supply overhang<\/p>\n \t\t\t<\/a> \t\t\t\t\t\t\t\t\t\t\t\t\t South Florida apartments hitting market amid lethargic rents<\/p>\n
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