Berkadia Secures $63.5M Loan To Refinance Neology’s Miami Apartments

Berkadia announced the refinancing of Fourteen Main Street Residences, a two-tower mixed-use development, featuring 237 apartment units in Miami.

Senior Managing Director Charles J. Foschini, Managing Director Christopher Apone, Vice President-Originations Lourdes Carranza-Alvarez and Associate Director Shannon Wilson of Berkadia Miami secured the $63.5 million in financing on behalf of the sponsors, Neology Development Group, a Miami-based residential and commercial real estate firm led by Lissette M. Calderon, and American Opportunity Zone Advisors (AOZA) led by Peter Linneman.

The loan was provided by Starwood Property Trust and the deal closed on December 20.

The property is in a Qualified Opportunity Zone in the historic Allapattah section of downtown Miami.

“Fourteen Main Street Residences is a unique two-tower project that provides much-needed residential options for working professionals and families in a rapidly evolving part of Miami,” said Foschini. “Its prime location offers easy access to Miami Beach, downtown Miami, Wynwood, Brickell, and the city’s Health District, positioning it as a key development for residents and the local community.”

Located at 1470 NW 36th Street, Fourteen Main Street Residences consists of a 14-story building with 180 apartment units, and a five-story building with 57 apartments, including ground-floor walk-ups. The project offers studio, one- and two-bedroom units ranging from 450 to 1,000 square feet. Apartments feature European-inspired cabinetry, quartz countertops, energy-efficient kitchen appliances, in-unit washers and dryers, energy-efficient AC and heating systems, and smart home technology adaptors.

Lifestyle amenities include curated original artwork, a multipurpose lobby, a 12,000 square foot rooftop pool and clubhouse, poolside cabanas, coworking spaces, a fitness and wellness center with yoga and cardio studios, dog park with a dog wash area, bike storage, smart package lockers, and a parking garage with electric car charging stations as well as, a ride-share lobby. The project is slated for completion in Q1 2025

The property enjoys a highly visible location on NW 36th Street, with convenient access to Miami International Airport and the Health District—home to the nation’s second-largest concentration of medical and research facilities. It is just a short walk from the Allapattah Miami Metrorail Station, the Rubell Museum, and SuperBlue.