Berkadia Arranges $35 Million Construction Loan for Aconcagua Group's 162-Unit Casa Princeton Phase III in South Miami-Dade

PRINCETON, Fla. — Aug. 17, 2026 — Berkadia has arranged a $35 million non-recourse construction loan for Casa Princeton Phase III, a 162-unit, eight-story multifamily development in Princeton, Florida, approximately 30 minutes from downtown Miami. S3 Capital provided the two-year, floating-rate loan on behalf of the developer, Aconcagua Group.

The Berkadia Miami team that arranged the financing included Senior Managing Director Charles Foschini, Managing Director Christopher Apone, Associate Director Shannon Wilson, and Vice President Lourdes Carranza-Alvarez. Construction is slated to begin in August 2026, with completion anticipated in early 2028.

Final Phase Completes a 374-Unit Master-Planned Campus

Casa Princeton Phase III represents the third and final installment of the Casa Princeton master-planned community. Upon completion, the campus will total 374 apartment homes across three phases. Phase I, located at 12830 SW 246th Terrace, delivered 62 units across 84,466 square feet and reached completion in 2024. Phase II, at 12831 SW 246th Terrace, added 150 units across 158,792 square feet and was completed in 2025. Both earlier phases are operational.

Phase III is situated at 12867 SW 248th Street — a site spanning multiple contiguous parcels — and will add 162 apartments to the community. The eight-story building will contain 69 one-bedroom and 93 two-bedroom residences averaging approximately 793 square feet each, for a total of roughly 163,807 square feet of new residential construction. The project also includes a two-story structured parking garage with 307 parking spaces.

Unit Features and Community Amenities

Residences at Casa Princeton Phase III will feature floor-to-ceiling windows, walk-in closets, wood-style laminate flooring, quartz countertops, stainless steel appliances, kitchen peninsulas, walk-in pantries, and a private balcony or terrace in every unit.

Phase III will introduce its own on-site amenities, including a clubhouse, coworking lounge, event room, children's playground, barbecue area, and landscaped open space. Residents will also have access to shared amenities across the broader Casa Princeton campus, including a resort-style swimming pool, fitness center, dog park and pet spa, mini-market, game and party room, package lockers, and covered parking.

Lender Confidence Rooted in Prior Phase Performance

"With the first two phases demonstrating strong leasing demand, lenders recognized the strength of both the sponsorship and the market fundamentals behind Casa Princeton Phase III," said Charles Foschini. "As residential growth continues to accelerate across South Miami-Dade, well-located communities that deliver quality housing with convenient access to major employment and commercial centers continue to attract significant interest. We were able to capitalize on those dynamics to secure a highly competitive financing solution."

S3 Capital structured the loan as a two-year, floating-rate, non-recourse instrument.

Princeton Submarket Access and Employment Drivers

Casa Princeton Phase III is located approximately 2.3 miles west of Florida's Turnpike, providing residents with access to major employment centers throughout South Miami-Dade, including Homestead Air Reserve Base, Baptist Health Homestead Hospital, and the retail corridor surrounding Southland Mall. Via US-1, residents can reach Downtown Dadeland, South Miami, Coral Gables, Coconut Grove, and Brickell.

Princeton has emerged as a growing submarket within the broader Miami-Dade region, driven by population growth and employment expansion that have sustained demand for strategically located multifamily communities.

About the Parties

Berkadia is a commercial real estate company offering investment sales, mortgage banking, and loan servicing. Aconcagua Group is the developer behind the Casa Princeton master-planned community. S3 Capital provided the construction financing for this transaction.

Sources:
Berkadia – Casa Princeton Phase III Announcement