13th Floor Investments secures $137 million financing for 37-story Crescendo apartment tower
Miami-based developer 13th Floor Investments has secured $137 million in construction financing to move ahead with Crescendo, the fourth and final residential tower within its large-scale Link at Douglas transit-oriented development.
The financing package was provided by Santander Bank in partnership with TD Bank and First Horizon Bank. The funds will support the construction of the 37-story apartment building, which will deliver 392 residential units at a site adjacent to the Douglas Road Metrorail Station in Miami.
Construction activities have already commenced, and the project is expected to reach completion in 2029. Once finished, Crescendo will mark the final chapter of a development effort that has transformed the area over nearly a decade, beginning with the launch of the first phase in 2019.
According to company executives, the new tower represents the culmination of years of planning and collaboration aimed at creating a connected urban community that combines housing, retail amenities and public transportation access within a single destination.
Global investment manager Barings continues its role as a key financial partner in the development, having supported multiple phases of the Link at Douglas project since its inception.
The mixed-use community has become one of South Florida’s most prominent transit-oriented developments. Upon completion, the four-tower project will provide more than 1,500 residential units. The first two towers, Core and Cascade, were delivered between 2021 and 2023, while the third tower, Cadence, remains under construction.
In addition to residential space, the development includes approximately 30,000 square feet of retail space anchored by a neighborhood grocery store, creating a walkable environment for residents and visitors.
As part of its agreement with local authorities, 13th Floor Investments contributed approximately $17 million toward public infrastructure improvements. These enhancements included upgrades to the Douglas Road Metrorail Station and the creation of a public plaza that connects directly to the Underline, Miami’s extensive linear park and urban trail system located beneath the elevated rail corridor.
Miami-Dade County has actively encouraged high-density residential development near public transportation hubs through incentives such as density bonuses and streamlined approval procedures. The initiative aims to expand housing availability while reducing dependence on personal vehicles in a metropolitan area known for heavy traffic congestion.
With the final phase of Link at Douglas now underway, 13th Floor Investments is also preparing additional transit-oriented developments across South Florida. The company is planning another mixed-use project near the Metrorail system in South Miami and is currently developing Link at Boca, a transit-focused community near Boca Raton on land owned by the region’s Tri-Rail commuter rail network.
The continued expansion of transit-oriented projects reflects growing demand for residential communities that offer convenient access to transportation, retail services and urban amenities within walkable environments.
Source: Original reporting by Joshua S. Andino, CoStar News.
