Neology Lands $64M Bridge Loan for Miami Rental From Starwood

Starwood Property Trust provided a $63.5 million bridge loan for Neology Development Group’s multifamily building, which is nearing completion in Miami’s Allapattah neighborhood.

The financing will pay off a $57.5 million construction loan that Churchill provided in 2022 for the Fourteen Main Street Residences, according to the Miami-based developer. 

Located at 1470 NW 36th Street, the two-property complex features a 14-story building and another one five stories tall, which together comprise 237 units and 6,000 square feet of retail space on the ground floor. Amenities will include a 12,000-square-foot rooftop terrace, a pool and a gym.

Units, which will range between 1,450 and 4,600 square feet, will be priced between $2,100 and $3,300 a month, per a representative for the developer.

The project is now undergoing pre-leasing and is expected to secure its temporary certificate of occupancy in the first quarter of 2025.

Neology Development Group, led by Lissette Calderon, purchased the 1.5-acre site for $3.6 million in 2020, according to property records.

Fourteen Main Street Residences will mark Neology’s third project in Allapattah, an industrial neighborhood west of Miami’s buzzy Wynwood area. 

This year, Neology completed The Julia, a 14-story, 323-unit building at 1625 NW 20th Street, as well as the 13-story, 192-unit No. 17 Residences in 2021.

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