Aconcagua Lands $35M Loan for Casa Princeton's Final Phase

Aconcagua Group has closed on a $35 million construction loan for the third and final phase of Casa Princeton, its apartment community in the Princeton area of unincorporated Miami-Dade County, just south of Homestead. New York-based S3 Capital provided the non-recourse, floating-rate debt, arranged by Berkadia’s Charles Foschini and Christopher Apone, to fund an eight-story, 162-unit building at 12867 SW 248th Street. The phase rounds out a 374-unit community the Coral Gables-based developer has built in stages since its first 62 units delivered.

Why it matters

Princeton sits well outside the towers-and-waterfront story South Florida usually tells, a US-1 corridor community where land is still cheap enough for a mid-size developer to phase a project over several years rather than build it all at once. That staged approach let Aconcagua lease up phase one and two, with phase two roughly 40 percent leased since its March delivery, before committing new construction debt to phase three. It is also a read on lender appetite: S3 Capital is underwriting non-recourse floating-rate paper for a builder with no marquee name, in a submarket Miami developers rarely cover, which says more about where construction capital is actually flowing in the county than another Brickell tower ever could.

The numbers

Phase three adds 162 units, a mix of 69 one-bedroom and 93 two-bedroom apartments averaging roughly 793 square feet, inside a 163,807-square-foot building. It follows a 62-unit phase one and a 150-unit phase two delivered in March, bringing the community to 374 units at buildout. County property records show the phase three parcel traded for $3.6 million in October 2024, ahead of this month’s $35 million construction loan, a roughly 10-to-1 ratio of construction debt to land basis typical of a garden-to-mid-rise wood-and-podium build in this submarket.

What’s next

Construction on the eight-story building starts now, with T&G Constructors continuing as general contractor from the first two phases and delivery targeted for 2027 or 2028. The next signal to watch is leasing pace: if phase three fills as fast as phase two’s 40 percent in five months, it validates Princeton as a repeatable, not one-off, multifamily play for smaller Miami-Dade builders working outside the county’s core urban corridors.