ACRE landed a $123.8 million loan, allowing it to start work on a Miami residential community. Canyon Partners Real Estate provided the financing.
Adela on the Park will comprise 337 residential units along with 6,000 square feet of ground-floor retail. The property will offer a full amenity package, including a rooftop pool deck, clubroom, co-working spaces, and a fitness center.
The project represents the second phase of a larger residential development, following the delivery of Adela at MiMO Bay (photo), an adjacent 236-unit community completed in 2020. The new phase will expand the existing footprint with additional units and enhanced amenities, further establishing a cohesive residential offering within the neighborhood.
Situated in Miami’s Upper East Side neighborhood, the property benefits from a residential submarket known for its proximity to the Miami Design District, Wynwood, and Downtown Miami.
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