Senior Managing Director Charles Foschini, Managing Director Christopher Apone, and Associate Director Shannon Wilson of Berkadia Miami secured the financing on behalf of the sponsor Neology Development, an award-winning, lifestyle-driven real estate firm led by Lissette Calderon.
Joseph Gallaher and Jeremy S. Larkin of NAI Miami | Fort Lauderdale represented the buyer in the transaction.
Roughly 50 percent of the retail space is pre-leased.
Avalon Merrick Park offers a variety of floorplans ranging from studios, one-, two-, and three-bedroom apartments spanning from 456 to 1,530 square feet in size.
The property consists of 0.86 acres with T6-80-0 zoning allowing a tremendous development opportunity for up to 800 residential units and 120 hotel rooms.
Robert Kaplan and Mark Rutherford of Cushman & Wakefield secured the financing through Forman Capital and Core Capital on behalf of the developer North Development, a joint venture between Miami-based Oak Development, led by veteran developer Ricardo Dunin, and Peru-based Edifica.
The 8-story project will have 328 one- and two-bedroom apartments. Of these, 40 percent will be designated for households with an income at 80 percent of the area median income, while the remaining 60 percent will cater to households with an income at 120 percent.
The site spans 50,782 square feet on a 1.17-acre plot in Little Havana.
The property, which launched in late 2021 and is now more than 95-percent sold, is currently under construction and is expected to complete in early 2028.
Scott Wadler and Alec Fox, along with Mitch Sinberg and Brad Williamson and Matt Robbins of Berkadia South Florida, secured the $172 million loan from Bank OZK.
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