Berkadia Arranges $57.5 Million Construction Loan for Neology Life Development Group’s “Fourteen Residences Allapattah” in Miami
MIAMI (August 30, 2022) – Berkadia announces it has arranged $57.5 million in construction financing for Fourteen Residences Allapattah, a two tower, 237-unit apartment community located in Miami, Florida. Senior Managing Director Charles Foschini, Managing Director Chris Apone and Senior Analyst Shannon Wilson 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. The property is located in a Qualified Opportunity Zone in the historic Allapattah section of downtown Miami.
Churchill Real Estate’s direct originations platform, led by Jeff Rosenfeld and Sean Robertson, originated the 24-month loan with two extension options.
“Our client Neology continues to dominate the Allapattah skyline with an innovative team and projects whose ‘attainable luxury’ concept serves the needs of the community and integrates nicely within it,” said Foschini. “While the market continues to be extremely volatile, the lender recognized the strength of the sponsor, Neology’s track record in Allapattah, where this is its third project, and Lissette Calderon’s personal vision for the evolution of the Allapattah community.”
“This deal further solidifies Churchill’s commitment to support the development of workforce housing in Miami,” added Robertson, Churchill’s Director and Co-Head of Originations. “We are thrilled to execute this deal with Neology amid unstable market conditions.”
“Churchill continues to build on, and augment, its presence in the greater South Florida market,” added Rosenfeld, also Director and Co-Head of Originations at Churchill. “Despite macro headwinds, South Florida continues to benefit from favorable factors that give us the confidence to double down in this market.”
Located at 1470 NW 36th Street, Fourteen Allapattah Residences will consist of a 14-story building with 180 apartment units connected via a pool deck to a five-story building with 57 apartments including ground floor walk ups. It will offer studio, one- and two-bedroom units ranging 450 to 900 square feet. Apartments will feature European-inspired cabinetry, quartz countertops, energy efficient kitchen appliances, in-unit washer and dryer, energy efficient AC and heating systems, and smart home technology adaptors. Lifestyle amenities will include curated original artwork, a multipurpose lobby, media lounges and living rooms, a rooftop pool and clubhouse, poolside cabanas, coworking spaces, conference rooms, outdoor movie screen, an indoor and outdoor fitness and wellness center, with a yoga and cardio studio, dog park with dog wash area, bike storage, virtual concierge and smart package lockers, and a parking garage with electric car charging stations as well as a ride share lobby.
The property, which will open in early 2024, enjoys a highly visible location on NW 36th Street just 5 minutes west of Wynwood and 10 minutes east of the Miami International Airport, close to the health district, which is the country’s largest concentration of medical and research facilities after Houston. It is just a short walk from the Allapattah Miami Metrorail Station, the Rubell Museum, and SuperBlue.
Neology’s portfolio now consists of more than 1,500 apartment units completed or under construction in Miami’s urban core, including The Julia, an upscale apartment community that will open in 2023, and Neology’s flagship Allapattah project, No. 17 Residences Allapattah, which opened in 2021 and leased up in record time.