Developer The Altman Cos. has closed on construction financing for Altis Ludlam Trail, a 312-unit development in Miami, and will immediately start construction on the Class A project. Comerica Bank provided the loan with Iberia Bank as a participating partner. Although the loan amount was not disclosed, a report in the South Florida Business Journal indicates that it was $55.4 million.
The Altman Cos. is developing the project in partnership with MV Real Estate Holdings and private equity real estate firm The Mattoni Group. Slated for completion in 2022, the six-story property will feature units averaging 820 square feet. Common-area amenities will include a rooftop pool, clubhouse with media room, fitness center, hammock garden, bicycle storage and pet spa.
Altis Ludlam Trail will sit on a roughly 3-acre site at the southeast corner of Southwest 70th Court and Bird Road, west of downtown Miami. The community will form part of the Bird Road development area in the Ludland Trail Corridor District, a former railway corridor once known as the Miami Beltline, which Miami-Dade County is converting into a linear park. The site is located less than a mile from the Palmetto Expressway and two miles from the University of Miami.
In May, The Altman Cos. completed Altis Grand at The Preserve, a 350-unit community in Odessa, Fla. The developer financed the construction with a $39.8 million loan from TD Bank.