Berkadia announces it has arranged $78.19 million in construction financing for The Julia Residences (formerly No.16 Residences), a 323-unit attainable luxury mid-rise apartment community in the Fruit Packing district of Allapattah, in Miami, Florida. Senior Managing Director Charles Foschini and Managing Director Chris Apone of Berkadia Miami secured the financing on behalf of Neology Life Development Group, a lifestyle-driven residential and commercial real estate firm, led by developer Lissette Calderon, that specializes in the transformation of overlooked and undervalued communities into vibrant urban neighborhoods.
Trez Capital originated the 36-month loan, with a one 12-month extension option and full-term interest only.
“Lissette continues to define the market in attainable high-quality living in Miami’s urban core,” said Foschini. “Her team’s approach to value and proven track record in development allowed for an extremely competitive market for the loan. Ultimately, the lender who won the transaction shared Neology’s vision and saw tremendous opportunity in this project.”
This is Neology’s second residential development in Allapattah, which borders Wynwood and the Health District. Berkadia secured the original construction loan in 2019 for the developer’s first Allapattah project – the 192-unit No.17 Residences Allapattah – and secured a $31 million bridge loan for the community’s recapitalization earlier this year, shortly after it opened. Berkadia also secured financing in 2018 for Neology’s acquisition of Pier 19 Residences & Marina along the Miami River, and again, helped refinance that project in 2021 with a $52 million loan.
Located at 1625 NW 20th Street, The Julia Residences will be a 14-story upscale residential tower offering one- and two-bedroom apartments ranging from 600 to 1,000 square feet. Individual units will offer energy-efficient stainless-steel appliances, quartz countertops, European-inspired cabinetry, in-home washer and dryers, expansive views, and balconies. Community amenities will include a ninth-floor Sky Lounge with a resort-style pool deck, clubroom, wellness center and 15,000 square feet of street-level retail space.
The Julia is centrally located just a few blocks from the Civic Center Metrorail Station, the University of Miami Health System, Jackson Memorial Hospital, and Miami-Dade College Medical Center. The property is just a short car or public transit ride away from both Brickell and Downtown, home to several large employers and dining and shopping destinations, along with popular attractions such as Marlins Park, American Airlines Arena, the Adrienne Arsht Center for the Performing Arts, Perez Art Museum Miami and Frost Museum of Science, and the new Brightline commuter rail station connecting Miami to Fort Lauderdale, West Palm Beach, and eventually Orlando.