Churchill lends $100 million for multi-family project in North Miami with affordable component – ​​Business Observer

Despite interest rate hikes, South Florida’s construction melee continues.

Omega Property Management landed $100 million to build a multifamily property in North Miami, according to the brokerage that brokered the loan.

The Miami-based developer will open the nine-story building next week with 358 rental units and 1,100 square feet of ground-floor retail. The building is the first phase of a mixed-use development, dubbed The garden districtwhich will also include an office component, covering 36,000 square feet, and a food court.

In addition to the construction loan, the North Miami Community Redevelopment Agency (CRA) provided $15 million in grants. 10% of the apartments will be reserved for those whose income is equal to or less than 80% of the median income of the region.

Located at 1155 126th Street NE, the development is between Biscayne Boulevard and Dixie Highway. Between 2018 and 2022, Omega assembled 5.7 acres of land for a total of $13.3 million, according to property records.

Churchill Real Estate provided the two-year variable rate loan, with two one-year extension options. The loan is interest only for the full term of the loan, including extensions. Berkadiait is Charles Foschini, Christopher Apone and Robert Justice arranged the financing.

It is the latest construction loan developers have secured for projects in South Florida, even as the Federal Reserve raised interest rates last month by three-quarters of a percentage point – the biggest increase since 1994.

Last week, Newgard Development Group and Lalezarian Properties construction loans obtained, worth $110 million and $150 million respectively, for residential skyscrapers in downtown Miami.

Further north near West Palm Beach, Forest development and Dan Kodsiit is Royal Palm Companies together Mark one of South Florida’s largest construction loans this year, $269 million, for a luxury condominium.

Julia Echikson can be contacted at [email protected].

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