Related Lands $167M for 1st Phase of Miami Project
The income-restricted first stage is slated for completion in 2028.
Related Urban Development Group has obtained $167.1 million for the construction of Gallery at Lummus Parc, a 257-unit affordable project in Miami. Greystone facilitated the transaction. Work is already underway, with completion expected in 2028.
The financing package includes $27.1 million in 4 percent LIHTC equity issued by Greystone Real Estate Capital, as well as an $80 million construction loan originated by Greystone Housing Impact Investors and BlackRock Impact Opportunities Fund. Greystone also secured a $60 million fixed-rate permanent loan through forward TEL Freddie Mac financing.
Additional funds include an American Rescue Plan Act loan from the city of Miami, equity from a QOZ investor, a State Apartment Incentive Loan from the Florida Housing Finance Corp., as well as a Miami-Dade County Surtax and deferred developer fees, according to a Miami River Commission document.
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Gallery at Lummus Parc represents the first tower of a larger, 439-unit redevelopment of a county-owned property on the banks of Miami River, according to a Miami-Dade County memorandum. The second phase is set to include the 182-unit Residences at Lummus Parc high-rise.
Roughly 83 percent of Phase One’s units will be affordable, with income restriction thresholds between 20 and 100 percent of the area median income. Additionally, the community will comprise 51 Project-Based Voucher apartments and six RAD residences.
The tower is set to include studio, one- and two-bedroom floorplans, as well as a five-level parking structure. Amenities are to feature coworking spaces, a health club and a rooftop swimming pool, in addition to an outdoor gym and a pickleball court, among others.
Located at 395 NW First St., the site is just west of Interstate 95 and close to several parks and recreation areas. Downtown Miami is less than 2 miles away.
Greystone Real Estate Capital CEO Greg Voyentzie and Vice President Jay Reed, together with Greystone Housing Impact Investors Managing Director Jason Kaye, as well as Greystone Executive Vice President Jeff Englund and Vice President Pharrah Jackson, facilitated the financing arrangement.
SAIL funding goes beyond affordable projects
Further debt assistance for Florida affordable housing projects, including workforce, special needs and senior developments, could be available this year. Florida Housing Finance Corp. anticipated the allocation of $178.5 million in SAIL funding throughout 2026.
Normandy Cove, an affordable housing development serving veterans in Jacksonville, Fla., is among the projects that already obtained SAIL financing this year. Housing Trust Group broke ground on the 144-unit Phase One in May.
