Terra Group has secured $245 million in bridge financing for Upland Park Miami, a transformative $1 billion mixed-use initiative in the Sweetwater neighborhood. As a result, Slate Property Group’s SCALE Lending platform funded the floating-rate debt to complete Phase 1A construction. The Upland Park Miami project is a major economic development opportunity for the Miami metropolitan area. Meanwhile, Phase 1A is expected to be delivered by October 2026, and residential leasing has begun since April.
The new bridge loan will be repaid to SCALE Lending, which had previously provided financing of $170 million in December 2024. In particular, the $245 million project is designed to serve five residential buildings with 578 units at Upland Park Miami Phase 1A. The floating-rate debt runs through September 2027 and has several six-month extension options. As a result, Terra Group has the financial flexibility to finish construction and to operate ground-up leasing. Another major project that is making significant headway is the Downtown Chesterfield project. It is a planned mixed-use redevelopment in Chesterfield, Missouri. It replaces the former Chesterfield Mall with residential, retail, office, entertainment and public-space uses. The development has an estimated value of approximately $2 billion and covers about 96 acres.
It is being developed by The Staenberg Group. The planned development includes residential units, commercial space, a central park, pedestrian areas and infrastructure serving the new district. Project documents have listed more than 2,500 residential units and over 3 million square feet of non-residential space, although earlier project descriptions cited approximately 2,363 residential units.
Scope of Implementation on the Upland Park Miami Mixed-Use Development
Phase 1A at Upland Park Miami includes substantial amenity programming enhancing resident experience and community engagement. In particular, the development will include 1,041 parking spaces on site, pickleball courts, dog parks, and bike storage. Furthermore, modern lifestyle needs of various resident demographics are met by swimming pools, EV charging stations and an amenity clubhouse.
Private terraces and in-unit laundry facilities are available in all units from studios to three bedroom units. In addition, Greystar operates the property and spearheads the leasing process, introducing institutional-level operations to Upland Park Miami. The residential mix caters to different household sizes and preferences throughout the Miami market.
Full Upland Park Miami Development Transforms Sweetwater Neighborhood Economics
The complete Upland Park Miami vision extends beyond Phase 1A residential to comprehensive mixed-use programming. In addition, the complete development will feature a 126-key hotel, 282,000 square feet of retail and approximately 414,000 square feet of commercial space with Class A office. Furthermore, over 2,000 apartments throughout the campus will create substantial regional economic activity and jobs. Daniel Ridloff, SCALE Lending’s managing director of real estate credit, praised Terra Group’s mission. “Upland Park’s vision is inspiring economic growth throughout Miami,” he said.
Project Overview
- Project Name: Upland Park Miami
- Total Project Value: $1 Billion
- Phase 1A Bridge Loan: $245 Million
- Location: Sweetwater neighborhood, Miami, Florida
- Lender: Slate Property Group (SCALE Lending)
- Status: Phase 1A delivery estimated October 2026
Scope
- Phase 1A: Five residential buildings, 578 units
- Full development: 2,000+ apartments
- 126-key hotel component
- 282,000 sf retail space
- 414,000 sf commercial/Class A office
- 1,041 parking spots, amenities, EV infrastructure
Project Highlights
- Private terraces and in-unit laundry in all units
- Comprehensive amenity programming (pools, pickleball, dog park)
- Greystar property management and leasing
- Leasing active since April 2026
- Strategic economic development in Sweetwater
Key Developments
- Bridge loan secured September 2026
- Previous SCALE loan ($170M) issued December 2024
- New financing repays prior debt and supports completion
- Phase 1A residential delivery October 2026
- Full development transforms neighborhood economics
Key Challenges
- Miami multifamily permits fell 29% H1 2026 vs prior year
- Sun Belt experiencing supply oversaturation trends
- Managing phased delivery across mixed-use program
- Coordinating residential, hotel, retail, and office operations
- Supporting ground-up leasing during market softness
Outlook
- Phase 1A delivery targeted October 2026
- Bridge loan extends through September 2027
- Multiple six-month extension options available
- Full campus anchors Sweetwater neighborhood revitalization
- Hotel and retail components attract regional investment
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