Omega Lands $103M Construction Loan for Miami Project

Omega Real Estate has landed a $103 million construction take-out loan for The Gardens Residences, a mixed-use multifamily project in North Miami that is being completed in two phases.

The property received a two-year, floating-rate loan with a 12-month extension option from Affinius Capital and its partner Corebridge Financial. Berkadia arranged the financing.

The nine-story apartment building at 1155 Northeast 126th St. will comprise of 358 studio, one-, two- and three-bedroom apartments, ranging from 511 to 1,447 square feet.

The Gardens Residences will set aside 10 percent of units for families earning below 80 percent of the area median income, Jaclyn Anastasakos, REALTOR LUXE Properties, told Multi-Housing News.

“This focus on workforce housing elevates the value of the project as it addresses a crucial need in the community while also ensuring a balanced residential mix,” she said. “The Gardens Residences is not just a luxury development but one that contributes to the socio-economic diversity of North Miami.”

Aventura Mall, the Florida International University Biscayne Bay Campus, Gulfstream Park, Oleta River State Park, the Jackson North Medical Center and Barry University are nearby the project. Two Publix supermarkets and Whole Foods are within 1 mile of the property.

Live-Work-Play

The Gardens Residences is first step in Omega’s plan to transform seven acres in North Miami into a Live-Work-Play community called “The Gardens District.” The area is becoming an attractive area for Live-Work-Play developments for several reasons, Doug Ressler, business manager, Yardi Matrix, told MHN.

• Strategic location: North Miami is well-positioned near major highways and public transportation, making it easily accessible. Its proximity to Downtown Miami and other vital areas enhances its appeal to residents and businesses.
• Economic revitalization: The area is experiencing economic growth and revitalization, driven by investments in new developments. This creates a dynamic environment that attracts businesses and residents looking for modern amenities and a high quality of life.
• Supportive infrastructure: The city’s planning and zoning boards support new developments, approving large-scale projects that include residential, commercial and recreational spaces.

Michael J. Romer, managing partner of Romer Debbas LLP, said that Miami continues to be a popular live-work destination.

“Developments with the right blend of location, luxury amenities and recreational activities remain attractive to luxury buyers and renters,” Romer told MHN. “A successful New Yorker doesn’t have to walk too far before running into a familiar face in Miami.”

Significant development interest in South Florida multifamily will likely continue, as well. The region continues to experience robust population growth, strong job creation and an increasing demand for quality housing, according to Alyssa Soto Brody, co-founder of Powered by DMT, a real estate sales and marketing brokerage.

“Areas like North Miami and surrounding neighborhoods like Bay Harbor Islands are becoming particularly attractive due to their proximity to Miami’s urban core while offering a more relaxed, community-centric lifestyle,” she told MHN. “These neighborhoods are rapidly evolving, with new developments reflecting the growing demand for thoughtfully designed, high-quality living spaces.”

Global migration and wealth come to Miami

Ryan Shear, managing partner of PMG, told MHN that the global migration of talent and wealth into the Miami area continues to outpace housing supply.

“Lenders are comfortable transacting on large-scale apartment projects in Miami because they know they can do business with credible developers and general contractors who can deliver high-quality projects that meet the market,” Shear said.

Jorge Rucas, managing director, Leste Group, based in Miami, told MHN that North Miami’s strong job and economic fundamentals also lend towards its prime location for investments into new multifamily projects.

“It is emerging as a key hub for new apartments, attracting families eager to settle in the area,” Rucas said. “The location is highly desirable, with Bal Harbour and Surfside Beach being less than 15 minutes away and a quick commute to the Brickell/Downtown area. Additionally, discussions about a potential Brightline train stop further enhance its appeal.”

Recently, Aimco secured financing for a luxury waterfront community in Miami. Plans call for a 114-unit community with floorplans averaging more than 2,500 square feet. Downtown Miami is roughly 3 miles from the site.