Related Urban Development Group Secures $167 Million Loan For Gallery At Lummus Parc In Miami

A development site located at 395 Northwest 1st Street in Miami, FL is the focal point of this transaction. Related Urban Development Group is set to construct the affordable housing project known as the Gallery at Lummus Parc, which will feature 257 units. The site is part of a significant financing transaction amounting to $167 million, aimed at supporting the construction efforts taking place in this growing market.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $167,000,000
• Lender: Greystone Housing Impact Investors; BlackRock Impact Opportunities Fund; Jeff Englund & Greg Voyentzie - Greystone Real Estate Capital
• Landlord: Tony Del Pozzo - Related Urban Development Group
• Loan Type: Construction
• Expected Completion: Late 2028
• LIHTC Amount: $27.4 million in 4% LIHTC

The deal involves key representatives such as Jeff Englund and Greg Voyentzie from Greystone Real Estate Capital, who acted as lenders in the transaction. The financing arrangement supports the construction project spearheaded by Tony Del Pozzo, representing Related Urban Development Group, laying the groundwork for a community-focused development in Miami.