Lissette Calderon’s Neology Life Refis Allapattah Rental With $31M
By Julia Echikson September 20, 2021 4:39 pmreprints
Lissette Calderon’s Neology Life Development Group secured a $31 million bridge loan for an apartment rental in Allapattah, Fla., four months after the project’s completion.
The No. 17 Residences, Allapattah building at 1569 NW 17th Avenue sits between 15th and 16th streets, less than a mile from the Miami River in Miami-Dade County’s working-class neighborhood of Allapattah.
Harbor Group International originated the three-year, floating-rate loan with two 12-month extension options, according to brokerage Berkadia, which represented the lender. In 2019, Neology Life Development first scored a $24 million construction loan from MidCap Financial Trust, property records show.
Developer Neology Life bills the 13-story building as “attainable luxury,” thanks to monthly rents ranging between $1,800 and $2,410, per Apartments.com, and amenities that include a gym, pool and coworking rooms. Completed in April, the 192-unit property is already 99 percent leased.
“The rapid lease up is as much a function of demand as it is recognition of the community’s need fulfilled,” Berkadia’s Charles Foschini said in a statement.
As companies and new residents flock to Miami, rents have risen by as much as 19.9 percent within the year, according to a report by Apartment List. Allapattah is situated just west of one the most sought-after districts, Wynwood, where tech and financial heavyweights, such as Schonfeld Strategic Advisors and Founders Fund, signed long-term leases this year.
Most of Neology Life Development’s projects are located in and around Allapattah. In July, the developer scored another bridge loan: $52 million for the nearby Pier 19 Residences and Marina. The firm now owns more than 1,500 units within Miami’s urban core, per the company.
Suzanne Amaducci-Adams and Hannah Lidicker of law firm Bilzin Sumberg counseled Neology Life Development in the deal. Berkadia’s Christopher Apone was also involved.
Julia Echikson can be reached at email@example.com.