13th Floor Investments has closed a $134 million construction loan for the fourth residential tower at Link at Douglas, a transit-oriented development near Miami's Metrorail. Santander Bank led the financing, with TD Bank and First Horizon Bank co-lending.
The project sits strategically near public transit in Miami, positioning it to attract renters seeking car-free living. Transit-oriented developments typically command higher rents and occupancy rates than non-connected properties, a factor that likely influenced lenders' appetite for this deal. The three-bank syndicate signals confidence in Miami's multifamily market despite broader softening in apartment demand across Florida.
Link at Douglas represents the scale of development activity 13th Floor is pushing forward in the Miami area. A fourth tower addition suggests strong pre-leasing or demand indicators, or at least sufficient confidence from three major lenders that absorption will justify construction timelines and pricing. The developer has positioned itself aggressively in Miami's apartment sector, where new supply has competed with existing stock over the past two years.
For renters, Link at Douglas adds to Miami's apartment inventory at a time when rental growth has slowed from pandemic peaks. Proximity to Metrorail access could appeal to tenants avoiding parking costs and traffic. For sellers and investors, the deal underscores institutional lending appetite for transit-adjacent multifamily projects, even as some lenders have grown cautious about apartments overall.
The financing structure involving three lenders also reflects a diversified approach to risk. No single bank bears full construction loan exposure, a protective move common in today's lending environment where exit strategies matter as much as initial yields. Construction loan maturity typically runs three to four years, meaning completion pressure exists for 13th Floor to deliver and either stabilize the property or refinance into permanent debt.
Miami's Metrorail network expansion continues to reshape neighborhood development patterns.