Dacar Management Secures $81M Hialeah Construction Loan
Dacar Management will accelerate construction of a mixed-use project in Hialeah with 244 apartments and a commercial component anchored by Publix, Burlington and HomeGoods.
Affiliates of the Dania Beach-based commercial real estate company secured an $81 million construction loan from the New York Life Insurance Company, records show. The fixed-rate mortgage is interest-free during the construction phase of Residences and Shoppes of Highland, a development that includes a 190,000 square foot shopping center and four four- to five-storey garden-style apartment buildings, according to a Press release .
Jason Shapiro and Sean Harrington led a team from Aztec Group that arranged the financing on behalf of Dacar’s subsidiaries, the statement said. Dacar, led by Chairman Alberto Micha, acquired the 70-acre site at 3685 West 85th Path in a 2011 foreclosure auction, records show.
The multi-family and retail components will be developed simultaneously, the statement said. Work on the site has already begun and the project is expected to be completed in the third quarter of 2023. In addition to Publix, Burlington and HomeGoods, other signed tenants include dd’s Discounts, Five Below, Famous Footwear and Taco Bell, the statement said. .
Renderings show that Dacar also plans to develop 12 more exterior buildings once the apartment complex and shopping mall are completed.
Dacar has 24 shopping centers in Miami-Dade, Broward and Palm Beach counties, as well as five development sites in Miami-Dade and Palm Beach counties, according to the company’s website. In 2016, Dacar sold more than 100 acres in northwest Miami-Dade near the American Dream Miami mega-project to Lennar for $51 million.
In March, Dacar sold the Winn-Dixie-anchored stores at Palm Coast Plaza in West Palm Beach for $24.8 million.
Commercial properties are in demand in South Florida, with large malls selling at exorbitant prices. Earlier this year, MG3 Group paid $70 million for the fully leased Fontainebleau Park Plaza in Miami-Dade. The mall is anchored by a Walmart Supercenter and other tenants include Carrabba’s, Chick-Fil-A and LA Fitness.
In December, AEW Capital Management acquired Shops at Beacon Lakes, a fully leased 33.8-acre shopping center near Sweetwater, for $108 million. It was the largest retail transaction in South Florida in four years.