Baron Property Group has closed on a $226.5 million loan to refinance its Miami-Dade County residential mixed-use development, Metro Parc.

Madison Realty Capital and Yellowstone Real Estate provided the financing, which replaces the construction debt. CRE investor Ben Suky arranged the deal.

The deal does two things for Baron. One is that it serves as a bridge to permanent financing and the other is that it allows the developer to build on the strong leasing momentum it's been seeing at the site in Hialeah, according to a statement from the company's Founder and President Matthew Baron. He also added that the move reflects confidence in the growing neighborhood.

"Today's multifamily market continues to reward projects that combine thoughtful design, strong connectivity, and experienced execution," Josh Zegen, managing principal and co-founder of Madison Realty Capital, said in a statement.

"Metro Parc reflects those characteristics, delivering high-quality housing in one of South Florida's most dynamic submarkets. We are pleased to support Baron Property Group through this next phase of the development.

The development represents the first phase of Baron's broader 2.3 million square feet mixed-use vision.

Metro Parc's residential portion ranges from studios to two-bedroom units. The interiors feature washers and dryers, open floor plans and stainless steel appliances. This portion of the development will also include a pool, outdoor courtyard, concierge service, parking, bike storage and fitness center. Plus, it will include 15,000 square feet of retail space, headlined by a Cuban bakery, Mr. Baker.

Currently, the residential units are being leased out, according to Baron Property. Also, phase two of the full development (Metro Parc North) is underway and is scheduled to deliver later next year.