Miami developer Aconcagua Group has landed $35 million of construction financing to complete a multifamily project in Miami-Dade County, Commercial Observer has learned.

S3 Capital provided the loan for the third and final phase of the 374-unit Casa Princeton apartment community in Princeton, Fla. The deal closed Friday morning. 

The phase three portion of the development will comprise an eight-story building with 162 apartments. The second phase Casa Princeton, encompassing 150 units, was delivered in March 2026 and is roughly 40 percent leased, according to S3.

“Casa Princeton speaks directly to the attainable housing gap we’re seeing in markets across Florida,” Steven Jemal, managing director of origination at S3 Capital, said in a statement. “The absorption of the initial phases has validated the underlying demand for the product, which gives us conviction as a lender.”

Berkadia negotiated the debt with a Miami-based team consisting of Charles Foschini and Christopher Apone.

Located at 12835 SW 246th Terrace 30 miles south of Downtown Miami, the apartment community features one and two-bedroom floorplans. Community amenities include a clubhouse, event space, co-working areas, swimming pool, fitness center, playground and dog park. 

“The Live Local program is a practical example of public policy helping experienced developers deliver more housing where it is needed,” Robert Schwartz, managing principal at S3 Capital, said in a statement. “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.”

Aconcagua Group did not immediately return a request for comment.

Andrew Coen can be reached at acoen@commercialobserver.com.