Omega Real Estate Management scored a $100 million construction loan for the multifamily portion of its mixed-use project in North Miami. The project is called “The Gardens Residence,” and will have 358 units and 1,100 SQ FT of ground-floor retail located at 1155 NE 126th st.
This is all according to a news release from Berkadia, the brokerage that secured the loan. Charles Foschini and Christopher Apone, of Berkadia’s Miami office, represented Omega. Churchill Real Estate, a company based out of New York, is the lender on the transaction. The loan is a two-year, floating rate mortgage, with two one-year extension options and interest only for the full term, including any extensions. The North Miami Community Redevelopment Agency provided $15 million in project subsidies. The apartment building will offer studios, as well as one- to three- bedroom apartments, averaging 511 SQ FT to 1,270 SQ FT. The project will have a workforce housing portion, as 10 percent of the units will be for households earning 80 percent or less of the area’s median income.
This is an awesome push to provide affordable housing at a time where Miami leads the nation in the least affordable housing in the country. Construction on the project is set to start next week and is expected to be completed in mid 2024. They are planning follow-up phases of the larger mixed-use district will have a corporate office building, a creative center office and a Hall with a gourmet grocery store and four restaurants. These will all be built at 1075, 1111 and 1125 NE 125th street. Omega Real Estate, led by Sebastien Scemla, honed in their focus on downtown North Miami. They acquired the 7-acre property for The Gardens District in several deals, paying out a total of almost $17 million for the land. The Gardens District is the latest planned project in an area that is catching investors’ eyes and is poised for a quick redevelopment. The development is planned for three blocks west from a proposed Brightline commuter train stop. Just west of that, there are projects planned that will build over 400 units for Miami residents.
We are excited for all of the growth that is expected to come from these project in North Miami. These projects will help with affordable housing, as well as build up areas in Miami that have needed a touch-up for years. Hopefully this will help drive rental prices down a bit!