Baron Property Group (BPG) has secured $226.5 million to refinance a newly completed multifamily development in Hialeah, Fla.

Madison Realty Capital and Yellowstone Real Estate provided the debt backing the 559-unit Metro Parc at 955 East 25th Street, about a block west of Metrorail and Tri-Rail transfer stations in a working-class area of Miami-Dade County.

BPG completed the 10-story building last year after securing a $148 million construction loan from Post Road Group in 2022. The 754,016-square-foot project — which includes 15,000 square feet of retail space, partly leased to Cuban bakery Mr. Baker — is nearly 50 percent leased, according to a representative for the developer. 

The refinance will replace the project’s construction loan and will serve as a bridge to permanent financing. Ben Suky brokered the transaction.

Metro Parc represents the first phase of Baron Property Group’s 2.3 million-square-foot residential development. The second phase, called Metro Parc North and adjacent to Metro Parc, recently topped out and is scheduled to be completed in late 2027. Post Road Group provided a $206 million construction loan for that phase last year. 

MG Developer, an original partner in both Metro Parc projects, is no longer involved, per a representative for BPG, who has not provided additional details. MG Developer is currently building the 347-unit Metro Parc South across the street after landing a $105 million construction loan last year. 

Julia Echikson can be reached at jechikson@commercialobserver.com.