A Miami-based developer obtained a $33.75 million construction loan for a mixed-use project near the Tri-Rail/Metrorail Transfer Station in Hialeah.
New York-based S3 RE 1025 E25 Funding LLC provided the mortgage to 1025 Hialeah Development LLC, managed by Francisco Alberto Espinosa, Oscar Javier Moreno, Jose Antonio Villegas Velez and Juan Felipe Jaramillo Uribe. The lender assumed a loan granted in 2021 and increased its amount by $30.95 million.
The developer purchased the one-acre site at 1025 to 1033 East 25th Street for $4.41 million in 2021 and demolished a warehouse. The city approved it for 151 apartments and 12,000 square feet of ground-floor retail.
There’s been a wave of development near the transit stations in Hialeah in recent years as the city encourages residents to live closer to mass transit.