ACRE has locked in a $123.8 million construction loan to build Adela on the Park, a planned 337-unit rental community in Miami’s Upper East Side. The financing removes a major obstacle for the long-discussed second phase of the Adela development next to Legion Park and moves the project closer to actual construction. It also lands after years of neighborhood debate over parking, public benefits and how big the project should be.
Loan and lender
The loan was provided by Canyon Partners Real Estate, which announced the senior financing in a company release. According to PR Newswire, the $123.8 million senior construction facility will back ACRE’s development of Adela on the Park. ACRE said the capital is aimed at delivering a high-quality, Class-A rental property in a rapidly tightening Miami submarket.
What the loan covers
Per the lender’s release via PR Newswire, Adela on the Park is slated to include 337 residential units totaling approximately 282,611 rentable square feet, plus about 6,000 square feet of ground-floor retail and 522 parking spaces. The project is expected to feature a rooftop pool deck, clubroom, co-working spaces and a fitness center. Canyon Partners described the site as a “compelling infill” investment and pointed to ACRE’s track record as a sponsor.
Second phase beside Adela at MiMo Bay
The new building represents the second phase following Adela at MiMo Bay, an adjacent 236-unit community completed in 2020. ConnectCRE reported the construction loan and placed the project within the broader neighborhood context, while a JLL announcement documented refinancing activity at the original Adela building last year. JLL noted the prior property was refinanced in 2025, underscoring investor interest in the submarket.
Local approvals and public benefits
Local reporting indicates the site secured key municipal approvals only after extended debate, with the developer agreeing to a package of public benefits to advance the project. According to Biscayne Times, the city vacated NE 64th Terrace to help assemble the development site, and the benefits package grew to roughly $1 million while reserving dozens of garage spaces for public use near Legion Park.
What comes next
ACRE says the financing is now in place and the developer expects to begin construction once city permits are finalized, with market coverage indicating the project is capitalized and could break ground within months. Traded reported the financing stack includes debt from Canyon Partners along with equity from ACRE’s funds and projected a near-term construction start while permits remain pending.
For nearby residents, the next stretch will show whether the promised public benefits actually materialize as work moves from paper to concrete. For investors, the loan is another signal that capital continues to chase Miami multifamily assets despite recent shifts in the broader market.
