Neology Secures $58M for 3rd Project in Miami’s Allapattah – Multifamily Real Estate News
Neology Life Development Group has secured construction financing for its third multifamily community in Miami’s Allapattah neighborhood. Churchill Real Estate originated a 24-month loan in the amount of $57.5 million, with two extension possibilities. Berkadia made arrangements on behalf of the borrower. The project is slated for delivery in early 2024 and groundbreaking is expected this September.
Located at 1470 NW 36th St., Fourteen Allapattah Residences will comprise 237 units and 5,000 square feet of ground-level retail space. The two-tower project will consist of a 14-story building with 180 units connected through a pool deck to a five-story building, with 57 units. The project will encompass studio, one- and two-bedroom units between 450 to 900 square feet. The units will be equipped with quartz countertops, energy efficient kitchen appliances, AC and heating systems, smart home technology, European-style cabinetry and washers and dryers.
Bringing new life to a historic district
The lifestyle-oriented residential project’s common-area amenities will include a multi-purpose lobby, media lounges, a rooftop swimming pool with cabanas, a clubhouse, living rooms, conference rooms, an indoor and outdoor fitness center, a yoga and cardio center, a dog park, bike storage area, an outdoor movie screen and a curated original artwork collection. The property will also offer a parking garage with electric car charging stations, a smart package locker and a ride-share lobby.
Fourteen Allapattah Residences is situated 10 minutes from the Allapattah Miami Metrorail Station, in a Qualified Opportunity Zone, and it will be partially affordable, with 144 affordable units, Yardi Matrix data shows. The project will enjoy a visible location from NW 36th Street’s and U.S. Route 27’s major exposure. The project is situated close to Rubell Museum, Wynwood Arts district and Miami’s health district, one of the largest in U.S. after Houston, 4.8 miles from Miami International Airport and 4.9 miles from downtown Miami.
Jaxi Builders is the contractor appointed for the project and Behar Font Architects will oversee architecture. Interior design will be provided by DesignBAR, while 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 originations platform, led by Directors & Co-Heads of Originations Jeff Rosenfeld and Sean Robertson. The deal supports Churchill’s mission to expand its presence in South Florida and to aid the development of workforce housing in Miami, said Rosenfeld and Robertson in a prepared statement.
Berkadia Senior Managing Director Charles Foschini, Managing Director Chris Apone and Senior Analyst Shannon Wilson from the company’s Miami office secured the financing on behalf of Neology Life Development Group.
With this project, Neology’s portfolio now consists of more than 1,500 apartments completed or underway in Miami. The company’s recent projects include The Julia, an upscale multifamily community expected to open in 2023, and the recent completion of No. 17 Residences Allapattah, a lifestyle-driven project located in the historic Fruit Packing District.
The company’s President & CEO Lissette Calderon’s first Allapattah project, No. 17 Residences Allapattah, leased up in five months, a record time. The project was the company’s first ground-up residential project in the area. Under her leadership, Neology Life has been active in residential development and has adopted a strategy of redefining Miami’s industrial area to a residential and commercial one. The company has also transformed Pier 19, a 2011-built property located in Miami River district.
According to a recent Yardi Matrix report, the average Miami rent increased by 24.6 percent year-over-year through April, the highest rate among major U.S. metros. Investment activity hit $2 billion for the first four months of 2022, surpassing last year’s $1.6 billion for the same period.
