Omega Secures $103M for North Miami Residential Project

Omega Real Estate Management secured $103 million to complete a residential development in North Miami.

The construction takeout loan from Affinius Capital and Corebridge Financial covers The Gardens Residences, a 358-unit apartment building at 1155 Northeast 126th Street. The two-year, floating-rate debt includes a 12-month extension option, according to Berkadia, which arranged the debt.

The building received a temporary certificate of occupancy last month. Construction is expected to be completed by the end of the year. 

“By refinancing prior to completion, Omega was able to greatly reduce its cost of carry in the project,” Berkadia’s Charles J. Foschini said in a statement. 

Berkadia’s Christopher Apone, Lourdes Carranza-Alvarez and Shannon Wilson also brokered the debt on behalf of the sponsor. 

The nine-story building will feature a ground-floor café, a rooftop pool with rentable poolside cabanas, a gym and a yoga studio. Ten percent of units will be set aside for families earning at or below 80 percent of the area’s median income.

The takeout loan comes two years after Omega Real Estate Management nabbed a $100 million construction loan from Churchill Real Estate. In addition, the North Miami Community Redevelopment Agency provided $15 million in subsidies.

The Gardens Residences is part of a larger mixed-use development called The Gardens District, which will span seven acres. Omega Real Estate Management plans to build a 28,000-square-foot office, an 8,000-square-foot creative office building and a 12,000-square retail building that will house four restaurants and a gourmet grocery.

A representative for Omega Real Estate Management did not immediately respond to a request for comment.

Julia Echikson can be reached at jechikson@commercialobserver.com.