Marcus & Millichap’s IPA Capital Markets Arranges $43 Million Construction Financing for Multifamily Property in Greater Miami
Marcus & Millichap’s IPA Capital Markets Arranges $43 Million Construction Financing for Multifamily Property in Greater Miami
Marcus & Millichap (MMI), through its IPA Capital Markets division, arranged $43 million in construction financing for Lyra Palmetto Bay, an eight-story, 192-unit multifamily project in Palmetto Bay, Florida.
PALMETTOBAY, Fla.--(BUSINESS WIRE)-- IPA Capital Markets, a division of Marcus & Millichap (NYSE: MMI) specializing in capital markets services for major private and institutional clients, has secured $43 million in financing for the construction of Lyra Palmetto Bay, a planned eight-story, 192-unit multifamily development in Palmetto Bay, Florida.The project is being developed pursuant to Florida’s Live Local Act and is designed to serve renters earning between 80% and 120% of area median income, providing high-quality housing at attainable rent levels.
Marko Kazanjian, senior managing director in the firm’s Fort Lauderdale office secured the financing with Pearlmark Real Estate Partners on behalf of the client, a joint-venture partnership between Ora Development Group, a developer of workforce housing communities, and Conconcreto, a publicly traded construction services and development company headquartered in Medellin, Colombia.
The 274,063 square foot development, located at 17210 Homestead Avenue, will feature 192 residential units ranging from one to three bedrooms. Amenities will include a rooftop pool, gym, basketball and pickleball courts, elevators, meeting rooms and a 224-space parking garage. The project is located adjacent to the South Dade TransitWay, a dedicated 20-mile bus rapid transit (BRT) corridor connecting Homestead to Dadeland. Residents will have access to a nearby station, with connections to Metrorail at Dadeland Station for access to downtown Miami, Brickell, and the broader urban core. Construction began in July 2026 and is expected to be completed in December 2027.
“Lyra Palmetto Bay represents the type of thoughtfully designed, transit-oriented housing that Miami-Dade needs as affordability pressures continue to push middle-income renters farther from the urban core,” said Kazanjian. “The project combines a highly amenitized residential experience with compelling public-sector incentives, strong South Dade demand fundamentals and an experienced sponsorship team, positioning it to deliver much-needed attainable housing while creating a durable financing opportunity.”
About IPA Capital Markets
IPA Capital Markets is a division of Marcus & Millichap (NYSE: MMI). IPA Capital Markets provides major private and institutional clients with commercial real estate capital markets financing solutions, including debt, mezzanine financing, preferred and joint venture equity, and sponsor equity. For more information, please visit institutionalpropertyadvisors.com/capital-markets
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services, with offices throughout the United States and Canada. Marcus & Millichap closed 8,818 transactions with a sales volume of $50.8 billion in 2025. At year-end, the company had 1,808 investment sales and financing professionals in more than 80 offices providing investment brokerage and financing services to commercial real estate sellers and buyers. For additional information, visit www.MarcusMillichap.com.
Area median income (AMI) is the midpoint household income for a specific metropolitan area or county — half of households earn more and half earn less. Investors use AMI to gauge local housing affordability and eligibility for income-restricted programs and tax incentives; think of it as a local benchmark that helps predict demand for market-rate versus subsidized rental housing, rent-setting, and potential access to development subsidies or favorable financing.
mezzanine financingfinancial
Mezzanine financing is a hybrid form of capital that sits between a company’s senior loan and its ownership, typically structured as a subordinated loan or convertible instrument that pays higher interest and may include rights to convert into equity. Think of it like a second mortgage or a booster seat: it carries more risk than the main loan but is less permanent than selling shares. It matters to investors because it can boost returns for lenders, increase a company’s debt burden, and potentially dilute equity if converted, influencing risk and reward.
bus rapid transittechnical
A bus rapid transit (BRT) system is a public transit service that uses buses on specialized lanes and stations, plus features like priority traffic signals, level boarding, and faster fare collection, to deliver speed and capacity closer to light rail but at lower cost. Think of it as a subway on rubber tires that moves people more reliably than regular buses. Investors care because BRT affects ridership, operating costs, capital spending, municipal contracts, and local development prospects.
preferred equityfinancial
Preferred equity is a type of investment that sits between common stock and debt in a company's financial structure. It typically offers investors priority in receiving dividends and getting their money back if the company runs into trouble, making it somewhat safer than regular shares. Investors value preferred equity because it provides a steady income stream while still allowing some participation in the company's success.
