Florida & Gulf Coast + South Florida + Finance | September 20, 2021

No. 17 Residences apartments Alalpattah Miami

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.

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Berkadia’s Foschini

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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