Neology Development Group Secures $63.5 Million Refinance Loan For Development Site In Miami

The development site located at 1470 Northwest 36th Street in Miami has been financed through a refinance loan, amounting to $63,500,000. The project is part of a nearly completed multifamily development, the Fourteen Main Street Residences, which includes 237 apartments and 6,000 square feet of retail space. This property is situated in Miami's Allapattah neighborhood, where pre-leasing is currently underway and occupancy is anticipated in early 2024.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $63,500,000
• Lender: Barry Sternlicht - Starwood Property Trust
• Landlord: Lissette Calderon - Neology Development Group
• Brokers: Charles Foschini & Christopher Apone - Berkadia

Key individuals involved in this transaction include Barry Sternlicht, who represents Starwood Property Trust as the lender, and Lissette Calderon, who represents Neology Development Group as the landlord. The brokerage team from Berkadia, consisting of Charles Foschini and Christopher Apone, facilitated the refinancing process for this loan transaction.