Finance   ·   Refinance

North Miami Apartment Project Secures $50M in Financing

reprints


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.

SEE ALSO: Designer Dress Brand Faviana Files Plans to Build Warehouse in Long Island City

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.