Neology Nabs Miami Refi
Starwood Property Trust provided the loan, which was facilitated by Berkadia.
Neology Development Group, along with American Opportunity Zone Advisors, has obtained refinancing for Fourteen Main Street Residences, a two-tower mixed-use development now under way in Miami. Starwood Property Trust provided the $63.5 million loan for the 237-unit community.
The property is located at 1470 NW 36th St. and consists of a 14-story building with 180 apartment units and a five-story building with 57 apartments, including ground-floor walk-ups. The project offers studio, one- and two-bedroom units ranging from 450 square feet to 1,000 square feet.
Unit amenities include quartz countertops, energy-efficient kitchen appliances, in-unit washers/dryers and energy-efficient air conditioning and heating systems. Common-area amenities include original artwork, a multipurpose lobby, a 12,000-square-foot rooftop pool and clubhouse and poolside cabanas. The property also offers coworking spaces, a fitness and wellness center with yoga and cardio studios, a dog park with a dog wash area, bike storage and smart package lockers.
Fourteen Main Street Residences, slated for completion in the first quarter of 2025, is in a Qualified Opportunity Zone in the historic Allapattah section of downtown Miami. The property has a parking garage with electric vehicle charging stations, as well as a ride-share lobby, and is near the Allapattah Miami Metrorail Station.
Berkadia Senior Managing Director Charles J. Foschini, Managing Director Christopher Apone, Vice President-Originations Lourdes Carranza-Alvarez and Associate Director Shannon Wilson of Berkadia Miami secured the financing for Miami-based Neology.
Neology and Berkadia have worked together before on refinancing properties. In late 2023, the developer obtained a $31 million loan, arranged by Berkadia, for the 192-unit No. 17 Residences Allapattah, which is in the same neighborhood as the newer refi. Fannie Mae originated the loan.
Miami’s healthy market
Miami remains a stable multifamily market with the metro’s occupancy rate not moving from 95.5 percent for the 12 months preceding the third quarter of 2024, according to Yardi Matrix data. Asking rents likewise didn’t move much over the same period.
Developers continue to favor the area as well. Miami multifamily expanded by 8,873 units in 2024 through August, Yardi Matrix reports. That total is equivalent to 2.4 percent of existing stock, or 70 basis points higher than the national increase.
The economy of Miami has been able to sustain demand for multifamily. The region’s unemployment rate stood at a tight 2.2 percent in October, fully 200 basis points below the U.S. rate, according to preliminary data from the Bureau of Labor Statistics.
