A major $35 million construction loan is bringing more attainable housing to Miami-Dade County, offering hope for residents seeking quality apartments in the competitive South Florida market. S3 Capital announced the significant financing deal on August 14, 2026, marking another milestone in the region’s ongoing effort to address the Miami apartment shortage that has challenged so many families.
The S3 Capital loan will fund the third and final phase of the Casa Princeton apartment community in Princeton, Florida. Developer Aconcagua Group secured the financing to complete what will become a 374-unit multifamily project designed to serve working families throughout the southern portion of the county.
What Casa Princeton Offers Future Residents
The phase three development will add an impressive eight-story building featuring 162 new apartments to the growing community. Located at 12835 SW 246th Terrace, approximately 30 miles south of Downtown Miami, Casa Princeton provides an attractive option for those seeking affordable living while maintaining access to urban opportunities.
The apartment community features thoughtfully designed one and two-bedroom floorplans that cater to singles, couples, and small families alike. Community amenities create a lifestyle experience that goes beyond basic housing needs. Residents enjoy access to a clubhouse, dedicated event space, and modern co-working areas perfect for remote workers.
Outdoor amenities include a refreshing swimming pool, fully equipped fitness center, playground for children, and a dog park for pet-loving families. These features demonstrate the developer’s commitment to creating a true community rather than simply building apartments.
Construction Progress and Leasing Success
The project’s momentum is already evident in the success of earlier phases. Phase two of Casa Princeton, comprising 150 units, was delivered in March 2026 and has achieved approximately 40 percent leasing in just a few months. This strong absorption rate signals genuine demand for the housing product in this Miami-Dade County submarket.
Steven Jemal, managing director of origination at S3 Capital, expressed confidence in the project’s trajectory. His assessment highlights the broader housing challenges facing Florida and the role projects like Casa Princeton play in addressing them.
“Casa Princeton speaks directly to the attainable housing gap we’re seeing in markets across Florida. The absorption of the initial phases has validated the underlying demand for the product, which gives us conviction as a lender.”
The Miami apartment market continues to experience significant pressure from population growth, limited inventory, and rising construction costs. Projects that successfully deliver units to market demonstrate the viability of development in challenging economic conditions.
Public-Private Partnership Makes Housing Possible
A key factor enabling the Casa Princeton development is Florida’s Live Local program, a public-private partnership designed to incentivize housing construction. Robert Schwartz, managing principal at S3 Capital, emphasized the importance of such programs in his statement about the deal.
“The Live Local program is a practical example of public policy helping experienced developers deliver more housing where it is needed. We’re proud to participate in public-private partnership programs like this, which make it economically possible to increase limited housing supplies and generate value for local communities, developers and our own stakeholders.”
The Live Local Act has become a crucial tool for developers seeking to build attainable housing across Florida. By creating favorable conditions for construction financing, the program helps bridge the gap between market rents and development costs that often make projects financially unfeasible.
Read more: Miami Housing Market 2026: What Renters Need to Know
How the $35M Financing Deal Came Together
Real estate advisory firm Berkadia played a crucial role in negotiating the debt arrangement. The Miami-based team handling the transaction included Charles Foschini and Christopher Apone, both experienced professionals in the South Florida multifamily financing market.
The $35 million construction loan represents a significant vote of confidence in the Miami-Dade County apartment market at a time when some investors have expressed caution about the multifamily sector. According to recent Berkadia surveys, approximately 61 percent of investors hold a negative multifamily outlook for 2026.
Despite this broader sentiment, the Casa Princeton financing demonstrates that well-positioned projects with proven demand continue to attract lender interest. The Princeton, Florida location offers relative affordability compared to closer-in Miami neighborhoods while still providing reasonable commute options.
Addressing Miami’s Housing Affordability Crisis
The Casa Princeton project arrives at a critical moment for Miami’s housing market. Rising rents throughout South Florida have pushed many families to seek housing options further from the urban core, creating demand in communities like Princeton that offer more accessible price points.
For the Latin community in Miami, attainable housing represents a pathway to stability and opportunity. Many families find themselves priced out of neighborhoods where they have lived for generations, making new developments in emerging areas increasingly important.
The 374-unit total at Casa Princeton may seem modest against the scale of Miami-Dade County’s housing needs, but each unit represents a home for a family. The project’s focus on one and two-bedroom apartments targets the workforce housing segment where demand is particularly acute.
Aconcagua Group, the developer behind the project, has not commented publicly on the financing arrangement. However, the company’s track record with the first two phases of Casa Princeton speaks to their execution capabilities in delivering quality housing.
Looking ahead, the completion of phase three will mark the full buildout of the Casa Princeton community. Future residents will benefit from a fully realized neighborhood with established amenities and an existing resident community already calling the development home.
The Miami apartment loan market continues to evolve as lenders assess opportunities in a changing interest rate environment. Deals like the Casa Princeton financing suggest that projects meeting genuine housing demand can still access necessary capital.
For prospective renters interested in the Casa Princeton community, the ongoing leasing success of phase two indicates that interested parties should begin their search early. With 162 new units coming online in phase three, additional inventory will soon be available for those seeking quality Miami-Dade County apartments.
How many apartments will Casa Princeton have when complete?
When fully completed, Casa Princeton will feature a total of 374 apartment units across all three phases. Phase three adds 162 units in an eight-story building, joining the 150 units already delivered in phase two and the earlier first phase.
Where is Casa Princeton located in Miami-Dade County?
Casa Princeton is located at 12835 SW 246th Terrace in Princeton, Florida, approximately 30 miles south of Downtown Miami. The community offers access to southern Miami-Dade County while providing more affordable housing options than closer-in neighborhoods.
What amenities are available at Casa Princeton?
The Casa Princeton apartment community offers extensive amenities including a clubhouse, event space, co-working areas, swimming pool, fitness center, playground, and dog park. Units are available in one and two-bedroom floorplans.
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