Baron Property Group secured a $226.5 million refinancing for an apartment development in Hialeah that’s nearly 50 percent leased.
Madison Realty Capital and Yellowstone Real Estate provided the refinancing to the New York- and Miami-based developer for the 559-unit Metro Parc complex at 952 East 26th Street, which replaced the development’s construction loan and serves as bridge financing until permanent debt is secured, according to a news release. HKS and DIA advised Baron, and Ben Suky arranged the financing.
The debt amounts to over $405,000 per unit.
Metro Parc is the first phase of the developer’s planned 2.3 million-square-foot mixed-use development in Hialeah. Metro Parc North, the project’s second phase, recently topped out and is slated for completion in late 2027.
Baron, led by Matthew Baron, and MG Developer, led by Alirio Torrealba, completed the 10-story Metro Parc apartment building near Metro Parc North last year. They scored a $148 million construction loan for the project in 2022, which was upsized to $161.5 million two years later.
The developer initially partnered with Coral Gables-based MG Developer on the Metro Parc North project at 901 East 26th Street, but bought out MG Developer’s 50 percent stake in the project for an undisclosed amount in December 2024.
Baron landed a $206 million construction loan in March 2025 from Stamford, Connecticut-based Post Road Group for Metro Parc North, an eight-story building with 661 units.
Designed by Modis Architects, the complex has 15,000 square feet of retail near the Metrorail and Tri-Rail transfer stations. It includes studio, one-bedroom and two-bedroom units between 475 square feet to 1,020 square feet. Amenities include a pool, fitness center, coworking space, concierge service, bike storage and parking.
Rents range from $1,916 to $3,369 per month, according to Apartments.com. The retail will be anchored by Mr. Baker, a Miami-based Cuban bakery chain that is expected to open later this year.
On its own, MG Developer plans the 10-story, 347-unit Metro Parc South on an assemblage at 965, 975, 981, 991 and 997 East 24th Street, as well as at 934 and 954 East 25th Street, in Hialeah. It secured $105 million for construction in April 2025.
Read more
Baron scores $206M construction loan for 661-unit apartment project in Hialeah
MG Developer lands $105M construction loan for Hialeah multifamily project
MG Developer, partner score $148M loan for Hialeah apartments
