Baron Property Group Refinances Metro Parc Hialeah for $226.5M
Madison Realty Capital and Yellowstone Real Estate took out Post Road's construction debt at partial lease-up, a signal on what lenders will fund today.
Baron Property Group has closed a $226.5 million refinancing on Metro Parc, its newly completed 559-unit apartment tower in Hialeah, with Madison Realty Capital and Yellowstone Real Estate replacing a $148 million construction loan Post Road Group provided in 2022.
Why it matters
The deal is a live data point on what lenders will actually fund on a stabilizing multifamily asset in Miami, and Baron closed it at roughly 50 percent leased, not full stabilization. For sponsors sitting on newly delivered towers still filling up, that is the number to watch: a construction-to-bridge takeout landed at half-leased, sized well above the original construction basis, tells the market that transit-adjacent, mixed-use multifamily in supply-constrained submarkets like Hialeah can clear a refinancing before the leasing spreadsheet is finished. The spread between the $148 million construction loan and the $226.5 million refinancing also reflects the value built into the asset since 2022, not just a rate reset.
The numbers
Metro Parc totals 754,016 square feet at 955 East 25th Street, including 559 apartments and 15,000 square feet of retail anchored by Cuban bakery Mr. Baker. The refinancing serves as a bridge to permanent financing, according to Commercial Observer. Miami-Dade County property records list the underlying parcel under folio 04-3108-002-1680 with a 2025 assessed value of $7.67 million, well below both the original construction debt and the new loan, a gap that reflects how assessed value lags a just-delivered building’s market value.
What’s next
Metro Parc is phase one of a roughly 2.3 million-square-foot Baron pipeline in Hialeah. Phase two, Metro Parc North, has already topped out next door and is slated to finish in late 2027. Watch for lease-up velocity at Metro Parc to set the underwriting bar Baron and its lenders use when Metro Parc North reaches its own financing decision.