MIAMI (September 16, 2021) – Berkadia announces it has secured a $31 million bridge loan to refinance No.17 Residences Allapattah, a 192-unit attainable luxury apartment rental building in the Fruit Packing District of Allapattah. Senior Managing Director Charles Foschini and Managing Director Christopher Apone of Berkadia Miami secured the financing on behalf of Neology Life Development Group, a lifestyle-driven residential and commercial real estate firm, led by Lissette Calderon, that specializes in the transformation of overlooked and undervalued communities into vibrant urban neighborhoods.
Harbor Group International originated the 3-year, floating-rate loan with two 12-month extension options. The property, which opened in April, is currently 99 percent occupied. Suzanne Amaducci- Adams and Hannah Lidicker of Bilzin Sumberg were the legal team representing the venture in the refinancing.
“Strong demand for newer apartments in Miami’s urban core resulted in No. 17 Residence’s lease up in just under four months – nearly twice as fast as anticipated,” said Foschini. “The rapid lease up is as much a function of demand as it is recognition of the community’s need fulfilled. The property’s overall quality, thoughtful amenities and attainable price point are unprecedented in this submarket and a prime example of how a quality development can benefit both residents and investors. Harbor Group recognized that value early on, and provided a loan with market-leading terms.”
Located at 1569 NW 17th Avenue, No.17 Residences Allapattah was completed in April 2021 and offers one-, two-, and three-bedroom apartments ranging from 600 square feet to 1,125 square feet. Individual units feature smart home technology, open floor plan kitchens, stainless steel appliances, quartz countertops, washer and dryer, full-length windows, balconies and walk-in closets. Building amenities include an expansive urban park, lobby lounge with co-working and social spaces, a TV lounge area, art-inspired pool deck, pool side cabanas, indoor/outdoor clubroom, fitness center, on-demand virtual fitness classes, a rooftop garden with a summer kitchen, an outdoor movie theater, bark park, bike storage, electric car charging stations, a zoom room, on-site parking and 24-hour secure package rooms.
The property is situated in Miami’s centrally located Allapattah neighborhood, which is just a short walk, bike ride, drive or public transit trip from some of Miami’s largest employment centers, including the Health District, Civic/Government Center, Downtown Miami, Wynwood and the Brickell Financial district, and offers easy access to the Dolphin Expressway and I-95. As home to the flagship location of Superblue, the Rubell Museum and El Espacio, Allapattah has quickly become an important arts and culture destination.