Miami Development Lands $100M in Financing
The community will break ground this month.
Omega Real Estate Management has secured $100 million in financing for the development of The Gardens Residence, a 358-unit community in Miami. Churchill Real Estate provided the construction loan and North Miami CRA provided $15 million in subsidies. Berkadia arranged the financing. The project is set to break ground this month.
Ten percent of the community’s units will be reserved for families earning at or below 80 percent of the area median income. The Gardens Residence represents the first phase of Omega’s redevelopment venture in North Miami, which will transform 7 acres into a mixed-use community called The Gardens District.
Churchill Real Estate’s direct originations platform, led by Jeff Rosenfeld and Sean Roberts, provided the two-year, floating-rate loan, with two one-year extensions options, interest only for the full loan term including extensions. Senior Managing Director Charles Foschini, Managing Director Christopher Apone with Senior Analyst Robert Ludice of Berkadia secured the financing on behalf of the developer.
A new rental community in North Miami
Located at 1155 NE 126th St., the property will be 11 miles from downtown Miami and has access to interstates 95, 826 and the Florida Turnpike. Rising on a site of 4 acres, the nine-story building with 1,100 square feet of ground-floor retail is set to encompass a mix of studio, one-, two- and three-bedroom apartments, ranging from 511 to 1,270 square feet.
Units will feature stone countertops, stainless steel appliances, floor-to-ceiling windows, SPC wood floors and ceramic tiling. The Gardens Residence is slated to include common-area amenities such as a swimming pool, a fitness center, a yoga studio, a ground-floor cafe and 528 parking spots.
According to a recent Yardi Matrix report, Miami had 34,711 units under construction at the end of 2021, with an additional roughly 215,000 in the planning and permitting stages. Just last month, a mixed-use community received approval for development in Pompano Beach, Fla., while another $204 million luxury project in Miami is set to break ground in the first quarter of 2023.