Neology Life Development Group secured financing for the construction of its third multi-family community in Miami’s Allapattah neighborhood. Churchill Real Estate issued a 24-month loan for $57.5 million, with two options for extension. Berkadia made arrangements on behalf of the borrower. The project should be delivered at the beginning of 2024 and the inauguration of the works is scheduled for September.
Located at 1470 NW 36th St., Fourteen Allapattah Residences will feature 237 units and 5,000 square feet of retail space on the ground floor. The two-tower project will consist of a 14-story building with 180 units connected by a pool deck to a five-story building with 57 units. The project will include studios, one and two bedroom units between 450 and 900 square feet. The units will be equipped with quartz countertops, energy-efficient kitchen appliances, air conditioning and heating systems, smart home technology, European-style cabinetry, and washers and dryers.
Bringing a historic neighborhood back to life
Common amenities in the lifestyle-focused residential project will include a multi-purpose lobby, media lounges, rooftop pool with cabanas, clubhouse, lounges, conference rooms, indoor and outdoor fitness center, a yoga and cardio center, a dog park, bike storage, an outdoor movie screen, and a collection of original artwork. The property will also offer parking with electric car charging stations, a smart parcel locker and a carpool hall.
Fourteen Allapattah Residences is located 10 minutes from the Allapattah Miami Metro Station in a Qualified Opportunity Zone, and it will be partially affordable, with 144 affordable units, according to Yardi Matrix data. The project will benefit from a location visible from the major exposure of NW 36th Street and US Route 27. The project is located near the Rubell Museum, the Wynwood Arts District and the Miami Health District, one of the largest in the United States after Houston, 4.8 miles from Miami International Airport and 4.9 miles from downtown Miami.
Jaxi builders is the designated contractor for the project and Behar Font Architects will oversee the architecture. Interior fittings will be provided by DesignBARwhile Witkin Hultz design will be in charge of landscape architecture. GT Law provided legal advice and Suzanne Amaducci-Adams and Manny Gonzalez of Bilzin Sumberg Law worked on behalf of the borrower.
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The construction loan was originated through Churchill Real Estate’s direct origination platform, led by directors and co-heads of origination Jeff Rosenfeld and Sean Robertson. The agreement supports Churchill’s mission to expand its presence in South Florida and assist in the development of workforce housing in Miami, Rosenfeld and Robertson said in a prepared statement.
Berkadia Senior Managing Director Charles Foschini, Managing Director Chris Apone and Senior Analyst Shannon Wilson of the company’s Miami office secured the funding on behalf of Neology Life Development Group.
With this project, Neology’s portfolio now consists of more than 1,500 apartments completed or in progress in Miami. The Company’s recent projects include The Julia, an upscale multi-family community slated to open in 2023, and the recent completion of No. 17 Residences Allapattah, a lifestyle-focused project located in the historic district of Fruit Packing.
Company President and CEO Lissette Calderon’s first Allapattah project, No. 17 Residences Allapattah, was let in five months, a record time. The project was the company’s first residential project in the area. Under his leadership, Neology Life was active in residential development and adopted a strategy of redefining the industrial area of Miami into a residential and commercial area. The company also transformed Pier 19, a property built in 2011 located in the Miami River neighborhood.
According to a recent Yardi Matrix report, Miami’s average rent rose 24.6% year-over-year through April, the highest rate among major US metros. Investment activity reached $2 billion in the first four months of 2022, surpassing last year’s $1.6 billion for the same period.