Lenders Move to Retake 347-Unit Hialeah Tower Over $31.1M Default

Lenders are moving to take back a 347-unit apartment project in Hialeah. Slate Property Group and Carlyle sued MG Developer on Sept. 22 in Miami-Dade over Metro Parc South, a planned 10-story building at 954 E. 25th St., alleging a $31.1 million default on a $105 million construction loan.

Why it matters

A foreclosure filing on a project that has not been finished is a different animal from one on a stabilized building. The lenders are not chasing a rent roll. They are positioning to control a half-built site and decide what happens to it next.

For developers and capital partners, that raises a familiar question: who steps in, at what basis, and on what timeline. It is also the second major MG Developer lender fight we are tracking, after the Coral Gables creditor suits. More on the wider South Florida picture is on the market page.

The numbers

• $105M: the construction financing package MG secured in April 2025.
• $31.1M: the amount the lenders say is in default.
• 347: apartments planned in the 10-story building.

The lenders allege the default stems from construction liens placed on the property, missed reserve account deposits and unpaid 2025 property taxes. They say they sent default notices in January, May and June, then entered a forbearance agreement that has since expired.

What’s next

MG has told the press it is negotiating with the lenders and seeking an additional investor. A new equity partner or a negotiated paydown could still pause the case, but the expired forbearance removes the lenders’ cushion.

Watch the Miami-Dade clerk docket for a response from MG, any receiver request, and whether more contractors record liens. We could not reach the clerk record from this desk, so the allegations above come from press reporting on the complaint and are unproven claims by the lenders.