Jon Paul Pérez And Albert Milo, Jr. Secure $193.86M Loan For Development Site In Miami

The property involved in this transaction is a development site located at 1165 Northwest 11th Street in Miami. The financing secured is for The Gallery at Wagner Creek, which consists of 27 stories and features 460 mixed-income residential units, making it part of a larger development initiative in the Health District. The project specifically includes 184 affordable units and is strategically positioned next to the UHealth–Jackson Metrorail Station.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $193,860,000
• Lender: Florida Housing Finance Corporation, J.P. Morgan Chase, Truist Bank
• Landlord: Jon Paul Pérez, Albert Milo, Jr. - Related Group
• Project: The Gallery at Wagner Creek
• Total Units: 460
• Affordable Units: 184
• Location: Miami’s Health District

Key individuals involved in the deal include Jon Paul Pérez and Albert Milo, Jr., who are affiliated with The Related Group, the entity that secured financing for the project. The lending was backed by state funds and includes $4.85 million from Miami Forever Bonds, representing a significant investment in the redevelopment efforts surrounding Jackson Memorial Hospital.