Miami Community Scores $24M Construction Loan

The planned 192-unit apartment building will rise in the Allapattah neighborhood. Berkadia secured the 3-year, floating rate loan for the future development.
Allapattah 17
Allapattah 17. Image courtesy of Berkadia

Lissette Calderon’s Neology Development Group has received a $24.4 million non-recourse construction loan for Allapattah 17, a planned 192-unit apartment building in Miami’s Allapattah neighborhood. Berkadia secured the 3-year, floating rate loan with one 12-month extension option originated by MidCap Financial.

Located at 1569-1652 NW 17th Ave. in southern Allapattah, the property is near Miami River and two blocks west of Jackson Memorial Hospital and University of Miami Hospital. Downtown Miami is approximately 5 miles southeast via Interstate 95 and Miami International Airport is roughly 5 miles east. According to The Real Deal, the 14-story building will feature studios, one-, two- and three-bedroom apartments.

Berkadia’s Senior Managing Director Charles Foschini, Managing Director Chris Apone, Senior Analyst Lourdes Carranza-Alvarez and Analyst Shannon Wilson arranged the loan on behalf of the borrower. In September, Foschini and Apone secured a $45.8 million bridge loan for another Neology Development Group asset, a 199-unit apartment community located less than one mile from the future development.