Berkadia has arranged a $103 million construction take-out loan for The Gardens Residences, a mixed-use multifamily project designed by in North Miami that is being completed in two phases. The financing was secured by Berkadia’s Senior Managing Director Charles J. Foschini, Managing Director Christopher Apone, Vice President-Originations Lourdes Carranza-Alvarez, and Associate Director Shannon Wilson on behalf of the sponsor, Omega Real Estate Management, a vertically integrated real estate management company focused on redeveloping downtown North Miami.
The loan, provided by Affinius Capital in partnership with Corebridge Financial, is a two-year floating rate loan with a 12-month extension option. Berkadia had previously arranged a $100 million construction loan for the project in 2022 through Churchill Real Estate. The Gardens Residences received a temporary certificate of occupancy (TCO) in two phases, in August and September of this year.
“This loan closed as the project approached its first TCO and construction overall neared completion,” said Foschini. “By refinancing prior to completion, Omega was able to greatly reduce its cost of carry in the project. The Gardens Residences will raise the standard of workforce housing in this area with attainably priced, luxuriously styled apartments with exceptional community amenities and will be a catalyst for the ongoing revitalization of this well-located area.”
“The Gardens Residences stands as a testament to our vision of transforming North Miami into a vibrant live-work-play community,” said John Lago, Omega’s CFO. “With its upscale amenities and strategic location, we are proud to offer a product that not only meets but exceeds the expectations of modern living. Our efforts in creating a comprehensive community with both residential and commercial elements underscore our dedication to enhancing the local environment and economy.”
Located at 1155 Northeast 126th Street, just off the Biscayne Boulevard corridor, The Gardens Residences is a 358-unit midrise apartment community with ground-floor retail. The property is the first phase of Omega’s plan to transform seven contiguous acres in North Miami into a live-work-play community called The Gardens District. The nine-story apartment building will offer studio, one-, two-, and three-bedroom apartments ranging from 511 to 1,447 square feet. The units will feature high-end finishes such as stone countertops, luxury cabinetry, stainless steel appliances, floor-to-ceiling windows, and SPC wood flooring. Community amenities include a rooftop pool, gym, yoga studio, café, and structured parking. Ten percent of the units will be set aside for families earning at or below 80 percent of the area median income.
The property is located near major attractions such as the Aventura Mall, Florida International University’s Biscayne Bay Campus, and Gulfstream Park. Several grocery stores and parks are also nearby.
Omega also owns adjacent sites that will be developed into a Class A office building called “The Creative Center” and a new food and beverage-focused center called The Hall, which will feature restaurants and a gourmet grocery. The entire seven-acre development will be known as The Gardens District, further contributing to the transformation of North Miami.
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