Related Affiliate Nabs $167M From Greystone to Build Miami Resi Towers
83 percent of the project’s 257 apartments will be designated as affordable housing
By Andrew Coen September 29, 2026 10:40 am
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Related Urban Development Group has sealed $167 million in construction financing through Greystone’s affordable housing lending platform to build a two-tower multifamily project in Miami, Commercial Observer has learned.
Greystone Housing Impact Investors (GHI) provided an $80 million construction loan through its joint venture with BlackRock Impact Opportunities Fund, while Greystone Real Estate Capital (GREC) supplied $27.4 million in 4 percent Low-Income Housing Tax Credits (LIHTC) for the 257-unit Gallery at Lummus Parc project. The multifaceted deal for the Related Group affiliate also involved Greystone obtaining a Freddie Mac forward tax-exempt loan to repay construction financing costs with LHTC equity.
“Gallery at Lummus Parc demonstrates the impact we can achieve when we bring together Greystone’s affordable housing, tax credit equity and agency financing capabilities under one platform,” Greg Voyentzie, CEO of GREC, said in a statement. “Working alongside Related Urban and our colleagues across Greystone, we were able to structure a comprehensive financing solution that supports the creation of much-needed affordable and workforce housing in the heart of Miami.”
Jeff Englund, executive vice president at Greystone, said in a statement that the Freddie Mac component of the deal “provides a clear path to long-term permanent financing while the project moves through construction and toward stabilization.”
Located at 395 Northwest First Street, Gallery at Lummus Parc will feature studio, one-bedroom and two-bedroom apartments, with roughly 83 percent of the units set aside for affordability levels ranging from 20 percent to 100 percent of area median income. Community amenities include coworking spaces, a health club, a rooftop pool, grilling areas, a pickleball court and an outdoor fitness area.
The project involves two interconnected towers of 30 and 27 stories, and construction is slated to be complete in late 2028. The development is expected to benefit from its close access to public transportation options including the Government Center Metrorail station and Brightline’s Miami Central station, according to Greystone.
“Bringing a development of this scale to fruition requires strong collaboration and a thoughtful capital structure,” Tony Del Pozzo, vice president of finance at Related Urban, said in a statement. “Greystone’s ability to provide construction financing, LIHTC equity and a path to long-term Freddie Mac financing was instrumental in moving the project forward.”
Andrew Coen can be reached at acoen@commercialobserver.com.
