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12830 Northeast 6th Avenue

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

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

12830 Northeast 6th Avenue

$57,800,000

Units

240

Asset Type

Development Site

Closing

Feb 20, 2026

AI

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:

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.

Players

Abanca USA
Abanca USALender

Felipe Echeverri

Landlord

$57.8M

vol

1 deal

Landlord

North Miami Development Site Market Snapshot

Boundary boundary · Development Site · Loan transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.27%

Cash-on-Cash

-0.08%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93