North Miami Apartment Project Secures $50M in Financing
By Jeff Ostrowski August 29, 2025 11:00 am
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A 195-unit apartment project in North Miami has locked in $50 million in construction financing.
Continua Developments and Oldtown Capital Partners landed a $40 million senior loan from First American Bank, of Elk Grove, Ill., for the Urbania NoMi project. The developers also secured a $10 million preferred equity investment from Chicago-based Waterton Residential.
The Urbania NoMi is a 12-story multifamily development underway on a 1.3-acre site at 1150 Northeast 125th Street. Construction began in December and is expected to be completed by the end of 2026.
Continua and Oldtown Capital paid $7.59 million for the site in 2022, according to property records. Continua Development is the U.S. subsidiary of Constructora Capital, a major developer in Colombia.
Urbania NoMi’s amenities include a social lounge, a media room, an indoor and outdoor fitness center, a resort-style outdoor pool, a yoga lawn and summer kitchens. The development also includes a 256-stall parking garage and 11,182 square feet of ground-floor retail.
Jeff Ostrowski can be reached at jostrowski@commercialobserver.com.