“Fourteen Allapattah Residences” will deliver 237 attainable luxury apartments to one of Miami’s most dynamic emerging neighborhoods
MIAMI (August 30, 2022) – Neology Life Development Group, led by Lissette Calderon, announces that it has secured construction financing to build its third lifestyle-driven residential community in Miami’s historic Allapattah neighborhood. Located at 1470 NW 36th Street, “Fourteen Allapattah Residences” will deliver 237 apartments, along with 5,000 square feet of ground-floor retail, to one of Miami’s most dynamic emerging neighborhoods.
Berkadia secured a $57.5 million construction loan through lender Churchill Real Estate to build Fourteen Allapattah Residences, with groundbreaking expected this September. The property is located in a Qualified Opportunity Zone.
Neology’s portfolio now consists of more than 1,500 apartment units completed or under construction in Miami’s urban core, including The Julia, an upscale apartment community that will open in 2023, and Neology’s flagship Allapattah project, No. 17 Residences Allapattah, which opened in 2021 and leased up in record time.
“Fourteen Allapattah Residences is an important milestone,” said, Lissette Calderon, President and CEO of Neology Life Development Group. “It further establishes Neology’s commitment to Allapattah as the pre-eminent multifamily developer in the neighborhood with over 1,000 apartments recently completed or under construction. It also demonstrates our partners’ confidence in our business model and track record. Everything about this project – from the Opportunity Zone location to the attainable lifestyle component – makes good financial sense in today’s market. It’s an exciting time for Allapattah as we add another one-of-a-kind residential space to one of Miami’s original neighborhoods.”
She added, “To be able to bring this project to life with my partner America Opportunity Zone Advisors, led by my mentor and former Wharton Professor and head of Wharton Real Estate, Peter Linneman, along with his team of Jared Mintz and Kelley Brasfield, is a dream come true.”
Fourteen Allapattah Residences will consist of a 14-story building with 180 apartment units connected via a pool deck to a five-story building with 57 apartments including ground floor walk ups. It will offer studio, one- and two-bedroom units ranging 450 to 900 square feet. Apartments will feature European-inspired cabinetry, quartz countertops, energy efficient kitchen appliances, in-unit washer and dryer, energy efficient AC and heating systems, and smart home technology adaptors. Lifestyle amenities will include curated original artwork, a multipurpose lobby, media lounges and living rooms, a rooftop pool and clubhouse, poolside cabanas, coworking spaces, conference rooms, outdoor movie 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 package lockers, and a parking garage with electric car charging stations as well as a ride share lobby.
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 the Miami International Airport, close to the health district, which is the country’s largest concentration of medical and research facilities after Houston. It is just a short walk from the Allapattah Miami Metrorail Station, the Rubell Museum, and SuperBlue.
The contractor for Fourteen Allapattah Residences is JAXI Builders, Inc.; the architect is Behar Font Architects; interior design is by designBAR; and Witkin Hultz Design is the landscape architect and GT Law provided legal counsel. Bilzin Sumberg Law’s Suzanne Amaducci-Adams and Manny Gonzalez led the transaction on behalf of the borrower.
ABOUT NEOLOGY LIFE DEVELOPMENT GROUP
Neology Life Development Group is a lifestyle-driven residential and commercial real estate firm that specializes in the transformation of undervalued communities into sought-after neighborhoods. Founded by developer Lissette Calderon, Neology has been active in condo and apartment development for over two decades and is best known for the successful transformation of the Miami River District with the most recent redevelopment of Pier 19 Residences & Marina. Neology’s completion of No. 17 Residences Allapattah, located in Miami’s former fruit-packing district, cemented Neology’s reputation as pioneers in urban redevelopment and is the catalyst of Allapattha’s residential renaissance. Neology has built over 1,500 for sale condominiums and it’s current portfolio consists of 1,500 owned apartments built or under development in Miami’s urban core, with a pipeline of over 1,500 hundred more units under pre-development in South Florida and beyond. For more information, visit Www.NeologyLife.com.
MIAMI, Fla. – Trez Capital, a private real estate lender helping to build better communities across North America, funded a $78,197,393 construction loan for a 323-unit mid-rise apartment building in Miami’s emerging Allapattah neighborhood. The borrower is Neology Life, a development company led by Lissette Calderon, who has focused her work transforming the Miami River district.
Trez Capital Managing Director Ben Jacobson originated the loan, which closed on October 12, 2021. Construction has already begun, with the project set to be delivered in mid-2023.
Allapattah sits just northwest of downtown Miami and abuts the famed Wynwood district to the east, offering easy access to major highways and employment centers. The 12-story project, known as The Julia, is located at 1625 NW 20th St. The name pays homage to Julia Tuttle, known as the “Mother of Miami”, who is credited with being the only female founder of a major American city.
The building will feature a mix of one- and two-bedroom units ranging in size from 586 square feet to 892 square feet. Residents will have access to a host of amenities including a pool with cabanas, rooftop garden with outdoor living, fitness and wellness center, coffee bar, dog park and virtual concierge.
“Lissette Calderon is a pioneering developer who has been extremely successful revitalizing the Miami River district and now breathing new life into Allapattah, one of Miami’s oldest neighborhoods,” Jacobson said. “We are delighted to partner on this exciting project by providing financing for a development that is sure to capture intense interest from the public.”
Groundbreaking for The Julia comes just months after Calderon delivered her first apartment in Allapattah, a 13-story, 192-unit attainable luxury project called No. 17 Residences.
The multifamily market continues to sizzle in South Florida, with rent increases expected to grow between 8% and 9% over the next year, according to CoStar Group. Another report from Realtor.com says South Florida is the third-fastest growing rental market in the U.S.
“When we evaluate lending opportunities, we focus on the needs of a community and the track record of the developer,” Jacobson said. “Partnering with Lissette and understanding her vision, we think Allapattah is perfectly positioned to attract nearby working professionals and families who desire a certain level of luxury living but are priced out of places like Brickell, downtown and Wynwood.”
Trez Capital provides short-term debt and equity financing typically between six months and 36 months in term up to $100 million in loan value. Trez Capital is on pace to originate about $2 billion in loans by the end of 2021, with approximately $800 million in value being produced from the Eastern U.S. division, which includes the offices in Palm Beach, Florida and Atlanta, Georgia.
