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.
The loan was provided by MetLife and provides for full-term interest-only and a 36 month term.
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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.
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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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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.
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