Neology Life’s Allapattah Apartments Secure Refi After Rapid Lease-Up
Berkadia secured a $31-million bridge loan to refinance No.17 Residences Allapattah, a 192-unit attainable luxury apartment rental building in the Fruit Packing District of Miami’s Allapattah neighborhood.
Senior managing director Charles Foschini and managing director Christopher Apone of Berkadia Miami secured the financing on behalf of Neology Life Development Group. Led by Lissette Calderon, the lifestyle-driven residential and commercial real estate firm specializes in the transformation of overlooked and undervalued communities into vibrant urban neighborhoods.
Harbor Group International originated the three-year, floating-rate loan with two 12-month extension options. The property, which opened in April, is currently 99% occupied.
“Strong demand for newer apartments in Miami’s urban core resulted in No. 17 Residence’s lease-up in just under four months – nearly twice as fast as anticipated,” said Foschini. “The rapid lease up is as much a function of demand as it is recognition of the community’s need fulfilled.