Neology Life Development Group Provides $57.5M Construction Loan for ‘Fourteen Allapattah Residences’ – PROFILE Miami
Lissette Calderon’s Neology Life Development Group has secured $57.5 million in funding to build Fourteen Residences Allapattah, a 237-unit apartment community in Miami, Florida. Berkadia Miami Senior Managing Director Charles Foschini, Managing Director Chris Apone and Principal Analyst Shannon Wilson secured the financing on behalf of Neology Life Development Group, a lifestyle-focused residential and commercial real estate company led by Lissette Calderon. . The property is located in a qualified opportunity area in the historic Allapattah section of downtown Miami.
Churchill Real Estate’s direct origination platform, led by Jeff Rosenfeld and Sean Robertson, created the 24-month loan with two extension options.
“Our client Neology continues to dominate the Allapattah skyline with an innovative team and projects whose concept of ‘accessible luxury’ meets and fits perfectly with the needs of the community,” said Foschini. “While the market continues to be extremely volatile, the lender recognized the strength of the sponsor, Neology’s track record in Allapattah, where this is its third project, and Lissette Calderon’s personal vision for the evolution of the community of Allapattah.”
“This agreement further reinforces Churchill’s commitment to supporting Miami’s workforce housing development,” added Robertson, director and co-head of Churchill Origins. “We are pleased to execute this agreement with Neology in volatile market conditions.”
“Churchill continues to develop and grow its presence in the South Florida market,” added Rosenfeld, also director and co-head of origins at Churchill. “Despite macroeconomic headwinds, South Florida continues to benefit from favorable factors that give us the confidence to double down in this market.”
Located at 1470 NW 36th Street, the Fourteen Allapattah Residences will consist of a 14-story building with 180 apartments connected by a pool deck to a five-story building with 57 apartments, including walk-up ground floors. It will offer studio, one and two bedroom units ranging from 450 to 900 square feet. Apartments will include European-inspired cabinetry, quartz countertops, energy-efficient kitchen appliances, integrated washer and dryer, energy-efficient air conditioning and heating systems, and smart home technology adapters. Lifestyle amenities will include original artwork, a multipurpose lobby, media lounges and lounges, a rooftop pool and club, poolside cabanas, coworking spaces, meeting rooms, conference, an outdoor cinema screen, an indoor and outdoor fitness and wellness center, with a yoga and cardio studio, dog park with dog wash area, bike storage, virtual concierge and smart parcel lockers, and a car park with charging stations for electric cars as well as a carpooling hall.
The property, which will open in early 2024, enjoys a highly visible location on NW 36th Street, just 5 minutes west of Wynwood and 10 minutes east of Miami International Airport, close to the neighborhood of Health, which is the largest concentration of medical and medical personnel in the country. research facilities after Houston. It is within walking distance of Allapattah Miami Subway Station, Rubell Museum and SuperBlue.
Neology’s portfolio now includes more than 1,500 apartments completed or under construction in downtown Miami, including The Julia, an upscale apartment community set to open in 2023, and Neology’s flagship Allapattah project, No. 17 Residences Allapattah, which opened in 2021 and rented in record time.