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Marcus & Millichap’s IPA Capital Markets Arranges $43 Million Construction Financing for Multifamily Property in Greater Miami

  • IPA Capital Markets secured $43 million in financing for Lyra Palmetto Bay, an eight-story multifamily development in Palmetto Bay, Florida.
  • The project comprises 192 residential units designed for renters earning 80% to 120% of the area median income under Florida's Live Local Act.
  • The development is a joint venture between Ora Development Group & Conconcreto, with financing arranged by Marko Kazanjian & Pearlmark Real Estate Partners.
  • Located at 17210 Homestead Avenue, the 274,063 square foot building features one to three-bedroom units, a rooftop pool, gym, courts, & a 224-space parking garage.
  • The site is adjacent to the South Dade TransitWay, offering bus rapid transit connections to Metrorail & downtown Miami.
  • Construction commenced in July 2026 & is scheduled for completion in December 2027.
  • IPA Capital Markets operates as a division of Marcus & Millichap (NYSE: MMI), a commercial real estate brokerage firm.