CLIENT NEWS: MG Developer secures $105 million to build nearly 350 apartments
April 30, 2025Coral Gables-based MG Developer obtained a $105 million construction loan to build an apartment complex in Hialeah.
New York-based Scale Lending, an affiliate of Slate property Group, provided the mortgage for Metro Parc South, which will be located at 954 and 934 E. 25th St. MG Developer said it will break ground on the project during the second quarter this year. Lantern Real Estate’s Tal Bar-Or, David Strongwater, and Parker Thelander arranged the loan.
The 10-story Metro Parc South will have 347 apartments, plus ground-floor retail space. Miami-based Modis Architects designed the project and West Palm Beach-based Kast Construction is the general contractor.
“Our team is proud to have secured this construction loan through SCALE Lending as our financial partner for Metro Parc South,” said Alirio Torrealba, CEO of MG Developer. “This alliance represents more than just financing—it is a testament to trust, shared vision, and institutional support at the highest level.”
The developer assembled the 1.8-acre site for a combined $16.27 million in early 2024 by purchasing multiple homes and commercial properties. The city rezoned the area for transit-oriented development to capitalize on the nearby Metrorail and Tri-Rail stations.
“Hialeah is a very strong and growing market and given MG Developer’s ability to transform high-profile parcels of land into vibrant communities, it was an easy decision to team up with them on this project,” said Daniel Ridloff, managing director of Slate Property Group.
MG Developer previously completed the 559-unit Metro Parc in the city and it plans to build the 55-unit Metro Station. Metro Parc North, which MG Developer was previously involved in, is under construction by Baron Property Group.
