Terra secured $291 million in permanent financing for the newly completed first phase of Centro City, a 38-acre mixed-use development located in the center of Miami-Dade County, just west of Little Havana. 

JVP Management has issued a $187 million loan for the development’s multifamily residential component, and Hudson Bay Capital issued a $104 million loan for the retail component. The two loans will pay off the development’s existing construction financing, which was provided in 2022 by Apollo Global Management and Mack Real Estate Credit Strategies. 

Now complete, Centro City’s first phase includes 350,000 square feet of revamped and newly built retail space, along with three 8-story multifamily buildings with 470 market-rate apartments.

A Walker & Dunlop team led by Keith Kurland and Gangemi Law Group represented Terra in the transactions. Holland & Knight partners Joe Dewey, Brett Holland, Shawn Amuial and Shaina Kamen, and associate Brian Piper, led the firm’s representation of Hudson Bay Capital.

Private equity real estate developer DJM said its mixed-use residential development and shopping center, Bella Terra in Huntington Beach, has opened a new tenant, beauty brand Madison Reed. The retailer opened its 89th Hair Color Bar location at Bella Terra. 

Madison Reed is the latest addition to Bella Terra joining the other new tenants added last year including Philz Coffee, Fogo De Chao, Jan’s Health Bar, Snooze AM Eatery, The Golf Bar, and Sender One. Last year, DJM and partner PGIM secured the approval of plans by Huntington Beach’s City Council for Bella Terra’s new, mixed-use residential development.

The project includes the demolition of an existing 149,000-square-foot structure currently occupied by Burlington Coat Factory and an adjacent 33,00 square-foot retail commercial building. This will then be replaced with a low-rise building offering 25,000 square feet of ground-floor retail and restaurants beneath five stories holding 300 residential dwelling units and residential amenity spaces.