Monceau Realty lands $43M loan for 192 units in West Perrine

Perrine Estates LLC, an affiliate of Bay Harbor Islands-based Monceau Realty, has secured a $43M construction loan for a 192-unit apartment building in West Perrine, a South Miami-Dade submarket that has drawn little institutional multifamily capital. Florida YIMBY reported the financing on July 14, and county records our desk pulled add the part that makes it legible: the project cleared site-plan permitting at eight stories.

Why it matters

The density is the story. 192 units on 1.47 acres is roughly 130 units per acre, a figure that belongs to Edgewater or Wynwood, not South Dade. At that count the product cannot be garden-style, and the permit record confirms it, listing eight floors and 281,199 sq ft, a floor area ratio of about 4.4.

That is the site-selection intelligence here. A lender was willing to underwrite mid-rise vertical construction, with structured parking economics, in a submarket where the comparable set is thin to nonexistent. The loan size matters less than the product type it implies is now financeable south of Kendall.

The numbers

The Property Appraiser lists the site as folio 30-5032-004-1450, 64,017 sq ft, which matches the reported 1.47 acres. The August 15, 2022 deed confirms the $3.5M purchase from Southern Villas Condos I LLC. The same parcel traded at $850,000 in May 2017, a 4.1x move in five years, and the entity also holds an adjoining 8,600 sq ft parcel.

A $3.5M basis works out to about $18,200 per unit of land cost against roughly $224,000 per unit of construction debt. Twelve and a half percent of the units are designated workforce housing, which Miami-Dade defines as 60% to 140% of area median income, or $50,820 to $111,580 for a four-person household. Roughly 2,000 sq ft of retail is planned. Metro asking rents rose 1.0% year over year to about $2,693 a month in May, per Zillow’s rent index.

One unresolved item: the appraiser lists the zoning as UC Core Main Street with a six-story height maximum, while the permit shows eight floors. Whether that reflects a workforce housing bonus or another entitlement path is not documented in the records we read.

What’s next

The lender is not disclosed and we could not confirm it. The permit lists no architect, names Lenken Consultants LLC as contractor of record on the site-plan filing rather than a vertical general contractor, and gives no completion date. The story is single-sourced on the financing itself. Watch for the vertical building permit and the recorded mortgage, which will name the lender. For context on how urban-center zoning is reshaping density elsewhere in the county, see our coverage of the Aventura Metropolitan upzoning and the broader South Florida market.