Dealmaker: Berkadia Arranges $35M for Casa Princeton in Florida

(Photos: Berkadia)

Berkadia Miami arranged a $35 million non-recourse construction loan for Casa Princeton Phase III, a 162-unit, eight-story multifamily development in Princeton, Fla., 30 minutes from Miami.

The project represents the third and final phase of the Casa Princeton master-planned community which will comprise 374 apartment homes upon completion. The project is scheduled to begin construction this month and deliver in early 2028.

Berkadia Senior Managing Director Charles Foschini, Managing Director Christopher Apone, Associate Director Shannon Wilson and Vice President Lourdes Carranza-Alvarez arranged the financing on behalf of developer Aconcagua Group, Miami.

S3 Capital, New York, provided the two-year floating-rate loan.

“With the first two phases demonstrating strong leasing demand, lenders recognized the strength of both the sponsorship and the market fundamentals behind Casa Princeton Phase III,” Foschini noted. “As residential growth continues to accelerate across South Miami-Dade, well-located communities that deliver quality housing with convenient access to major employment and commercial centers continue to attract significant interest.”

Located at 12867 SW 248th Street in Princeton, Casa Princeton Phase III will include 69 one-bedroom and 93 two-bedroom residences averaging just under 800 square feet. The property provides convenient access to major employment centers throughout South Miami-Dade, including Homestead Air Reserve Base, Baptist Health Homestead Hospital and the retail corridor surrounding Southland Mall.