Dealmaker: Berkadia Arranges $58M Construction Loan in Miami

Berkadia, New York, arranged $57.5 million in construction financing for Fourteen Residences Allapattah, a two-tower, 237-unit Miami apartment community.

Senior Managing Director Charles Foschini, Managing Director Chris Apone and Senior Analyst Shannon Wilson of Berkadia Miami secured the financing for Neology Life Development Group, Miami. The property sits in a Qualified Opportunity Zone in downtown Miami’s Allapattah neighborhood.

Churchill Real Estate’s direct originations platform, led by Director and Co-Head of Originations Jeff Rosenfeld and Director Sean Robertson, funded the 24-month loan with two extension options. 

“Despite macro headwinds, South Florida continues to benefit from favorable factors that give us the confidence to double down in this market,” Rosenfeld noted. 

Located at 1470 NW 36th Street, Fourteen Residences Allapattah will have a 14-story building with 180 apartment units connected via a pool deck to a five-story building with 57 apartments including ground-floor walk-ups. It will offer studio, one- and two-bedroom units ranging 450 to 900 square feet.

The property, scheduled for early 2024 delivery, is five minutes west of the Wynwood District and 10 minutes east of the Miami International Airport, close to the city’s health district, which is the country’s largest concentration of medical and research facilities after Houston.