Horizon Group Lands $48M to Build Mixed-use Dev in North Miami
The Horizon Group scored a $48 million construction loan for a mixed-use complex in North Miami, Fla., property records show.
The financing from Hapoalim Bank will go towards building a seven-story development, called Residences at Nomi. Located at 950 NE 124th Street, the project is set to feature 175 units, including 70 for assisted living, as well as a six-story mall and a three-story parking garage, according to the North Miami municipal website.
Construction began back in June.
Last year, the Brooklyn-based developer purchased the two-acre site for $8.5 million from Blue Road Partners and Trise Development, which had paid just $800,000 in 2015 and had first conceived of the project.
In 2021, The North Miami Community Redevelopment Agency approved a $5.8 million infrastructure grant for the development, according to the South Florida Business Journal.
The Residences at Nomi marks the second project in South Florida for The Horizon Group. In March, the firm led by David Marom, launched sales for a luxury boutique condo development in Bay Harbor Islands.
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