$668 Million Financing For Miami’s First Supertall Tower Marks Largest Residential Condo Construction Loan In Florida’s History
The property is currently over 90 percent sold.
The property is currently over 90 percent sold.
The project will be situated on the 4.2-acre vacant lot at the corner of NW 53rd Street and NW 52nd Terrace.
He will be responsible for the firm’s Miami, Fort Lauderdale, Boca Raton, and West Palm Beach markets and oversee more than 450 professionals across the South Florida region.
The multifamily property is located to the east of Biscayne Boulevard, making it one of the few rental buildings located east of US-1. Additionally, Florida International University’s Biscayne Bay Campus is within walking distance, and the property is near several mixed-use developments in the area.
The development encompasses three contiguous properties that span 49,000 square feet.
The Wynwood Norte district is bordered by I-95 to the west and North Miami Avenue to the east, and Northwest 29th Street to the south and I-195 to the north. Given its walkability to many art, cultural and entertainment and dining destinations along with its recent zoning overhaul, the neighborhood is poised for significant development.
The site spans 2.03 acres and encompasses two parcels. The East Parcel falls under Hialeah’s TOD zoning overlay, permitting up to 125 units per acre and building heights ranging from 3 to 15 stories. The West Parcels are zoned for mixed-use projects, allowing up to 60 units per acre.
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.
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