Continua Developments And SP Developments Secure $57.8 Million Construction Loan From Abanca USA

A construction loan was secured for a development site located at 12830 Northeast 6th Avenue in North Miami. The loan amount is $57,800,000, aimed at funding the Urbania NoMi 6ave project, which will consist of 12 stories and 240 residential units, along with 20,000 square feet allocated for retail space. The completion of the project is anticipated for next year, contributing to the multifamily landscape in Miami-Dade County.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $57,800,000
• Lender: Abanca USA
• Landlord: Felipe Echeverri, Enrique Echeverri & Pablo Echeverri - Continua Developments; Daniel Jaramillo - SP Developments
• Market: North Miami
• Asset features: 12-story, 240 units, 20,000 square feet of retail

The deal involves Continua Developments and SP Developments, represented by their respective landlords in the transaction. This financing reflects a proactive approach to the multifamily sector, even amidst current market conditions, as they leverage Florida’s Live Local Act incentives following a record delivery of 18,600 units in South Florida last year.