Neology Life secured a $ 78.2 million construction loan from Trez Capital for a mid-rise apartment building in Miami’s Allapattah neighborhood, the lender said.
The development, called the julia and located at 1625 NW 20th Street, goes up between 17th and 15th avenues. The 12-story building will include 323 rental residential units, a swimming pool, a rooftop garden and a fitness center. With construction already underway, the project is expected to be delivered in mid-2023.
The name of the building pays homage to Julia tuttle, a landowner who was instrumental in the city’s development in the 19th century, according to the Commission on the Status of Women. Tuttle is now commonly referred to as the “Miami Mother”.
Neology purchased the 73,442 square foot plot, on which a 1950s warehouse stood, for $ 6.4 million and secured a $ 4 million acquisition loan from Maxim Credit Group in 2019, according to property records.
The developer, led by the CEO Lissette Calderon, works primarily in Allapattah, a working-class neighborhood that is becoming bourgeois due to its location near the trendy Wynwood neighborhood and the influx of affluent residents. Earlier this year, Neology finished his first project, rental property N ° 17 Residences, which is 99 percent leased a month ago.
Trez hopes to achieve similar success. “We believe Allapattah is uniquely positioned to attract nearby professionals and families who want a certain standard of luxury living but who are overpriced in places like Brickell, Downtown and Wynwood,” said Ben jacobson, the general manager of Trez at the origin of the loan.
Morley GreeneTrez Capital provides short-term debt and equity financing, typically between six months and 36 months and up to $ 100 million in loan value. She manages assets worth more than $ 3.1 billion, according to the company, and hopes to get around $ 2 billion in loans by the end of the year.
Julia Echikson can be reached at [email protected].