Alberto Milo Jr. Of Related Urban Development Group Secures $129M Loan For Development Site In Miami

The asset involved in this transaction is a development site located at 101 Northwest North River Drive and 395 Northwest 1st Street in Miami, FL, encompassing approximately 0.7 acres. The property is set to host the Gallery Lummus Parc, which will feature a total of 257 units designated for affordable housing, including 167 income-restricted apartments, 47 workforce units, and 43 market-rate units. The project is designed to rise 27 stories high, with an estimated construction period of two years.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $129,000,000
• Lender: Greystone Real Estate Capital & Freddie Mac
• Landlord: Alberto Milo Jr. - Related Urban Development Group

This financing arrangement allows Related Urban Development Group to advance the Gallery Lummus Parc initiative, reflecting a commitment to expanding affordable housing within the Downtown Miami area. The transaction emphasizes the collaboration between significant entities in the real estate development sector, highlighting the strategic alignment between the lender and landlord in facilitating this substantial development project.