Berkadia Scores $24.4 Million Construction Loan for Apartments in Miami’s Burgeoning Allapattah Neighborhood

August 13, 2019

Berkadia Scores $24.4 Million Construction Loan for Apartments in Miami’s Burgeoning Allapattah Neighborhood

August 13, 2019
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Allapattah 17 will deliver 192 attainably priced apartments for a range of incomes

MIAMI (Aug. 7, 2019) – Berkadia announces it has arranged a $24.4 million nonrecourse construction loan for Allapattah 17, a new 14-floor, 192-unit apartment building in Miami’s up-and-coming Allapattah neighborhood. Senior Managing Director Charles Foschini, Managing Director Chris Apone, Senior Analyst Lourdes Carranza-Alvarez and Analyst Shannon Wilson of Berkadia’s Miami office arranged the loan on behalf of Neology Development Group, a real estate development and investment firm based in Miami led by Lissette Calderon.

MidCap Financial provided a 3-year, floating rate loan with one 12-month extension option.

“While the perception of overbuilding is high in Miami, the reality is that most of our community is under served for quality rental housing that works within our community’s average level of employment,” said Foschini. “Being a great student of the city’s needs, Lissette was among the first to realize the benefits of the AMI overlay and as a result is able to create both a high-quality living environment and high value apartments for area urban renters. With several projects behind this one, Neology is setting the pace for others to follow and meeting a renter demand that far exceeds current supply.”

Located at 1569-1652 Northwest 17th Avenue, Allapattah 17 is located in Allapattah, an up-and-coming neighborhood near Miami’s urban core which continues to generate developer and investment interest. The area is located along the burgeoning Miami River and contains Miami’s Health District/Civic Center, including Jackson Memorial Hospital and University of Miami Hospital. FL-836 is under five minutes away, providing direct access to Downtown Miami and western Miami-Dade County, with Interstate 95 about 10 minutes away and providing convenient access to north and south Miami-Dade County.