Apr 18, 2021
Black River Partners has put together a loan syndicate of $21 million for Prestige Companies to build out three multifamily apartment complexes in Hialeah. Black River Partners is bringing a total of 180 new workforce units to the city, which is currently experiencing new heights of interest and activity. Once completed, the three projects are projected to have a value of $35-$40 million and will be significant to the growth in Hialeah.
The three projects will be: Champion's Lofts located by Hialeah Park Racing & Casino, Poe's Lofts in the burgeoning Amelia District, and Palm Ave Lofts, located in an opportunity zone within the city of Hialeah. Both Hialeah Park Racing & Casino and the Amelia District are currently seeing considerable changes that are opening the door to live-work-play lifestyles and encouraging younger generations to choose to stay in their hometown. Black River Partners have a proven track record lending in Hialeah and Prestige Companies continues to be the area's leading developer, spearheading redevelopments like the Amelia District.
"We have been working with Black River Partners for over a decade now and love their commitment to a long-term vision with meaningful projects," says Alexander Ruiz, COO of Prestige Companies.
"Drive around Hialeah and you'll see construction like you've never seen in this city. It's a new day with new promise," says Luis F. Arrizurieta of Black River Partners. "Seeing the Prestige team transform this former warehouse district — it's like the early days of Wynwood."
"As an alternative to conventional banking, Black River has allowed many developers, including ourselves, to navigate through projects in a much quicker manner. The syndicate understands construction, rezoning and ultimately, value," comments Dennis Rodriguez, a partner at Prestige Companies.
For more information, please contact Creative Mindworks' Lizette Fernandez at Lizette@creativemindworks.com or (305) 785-6777.
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