$100M Build Loan Gets Omega Started on North Miami Mixed-Use Redev

Berkadia has arranged $100 million in construction financing provided by Churchill Real Estate for a 358-unit mid-rise apartment community with 1,100 square feet of ground floor retail in North Miami, FL.

Charles Foschini, Christopher Apone and Robert Ludice of Berkadia secured the financing on behalf of Omega Real Estate Management. Churchill’s direct originations platform, led by Jeff Rosenfeld and Sean Robertson, provided the two-year, floating-rate loan, with two one-year extension options, interest only for the full loan term including extensions.

The project was supported by the North Miami CRA, which provided $15 million in subsidies. Ten percent of the units are set aside for families earning at or below 80% AMI.

The mid-rise building, The Gardens Residence, represents the first phase of seven-acre mixed-use redevelopment project that will eventually encompass a Class A 28,000-square-foot office building, an 8,000-square-foot-office building and a 12,000-square-foot food-and-beverage center.

The development is at 1155 Northeast 126th Street.