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Florida & Gulf Coast  + Miami + South Florida  + Apartments  |  November 6, 2023
Infill N. Miami site set for 175-unit apartment project
Mike Boyd
By: Mike Boyd

NY Developer Obtains $48M Construction Loan for N. Miami Rental Units

Horizon Group secured a $48 million construction loan for a mixed-use project in North Miami.

Bank Hapoalim provided the mortgage to Horizon for the Residences at NoMi, a proposed 175-unit complex designed for those 55 and over. 40 of the units would have income restrictions.

The South Florida Business Journal reports the developer acquired the property for $8.5 million in 2022. In June, it filed notice with the county that it started construction on the Residences at NoMi, with Miami Shores-based Telesco Construction Management as general contractor.

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About Mike Boyd

Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.
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