Dealmaker: Wells Fargo Provides $101M for Miami Multifamily Construction
Wells Fargo & Co. made a $101 million HUD-insured loan to SM Multifamily LLC, Aventura, Fla., to develop two Florida multifamily towers.
The towers will be part of SoleMia Miami in North Miami, Fla., a 183-acre master-planned community under development by Oleta Partners LLC, a joint venture between LeFrak, New York, and Turnberry Assocs., Aventura, Fla.
Located on the east side of Biscayne Boulevard south of Aventura on one of the largest remaining undeveloped parcels in south Florida, SoleMia Miami’s first phase will offer nearly 400 market-rate apartments in two 17-story towers. The residences will sit adjacent to a 10-acre lagoon with beaches and recreational areas that will form a centerpiece for the residential development.
When completed, SoleMia Miami will include more than 4,300 residential units and a town center including shops, restaurants and a hotel.
The Miami Herald reported various attempts to develop the site since the 1960s including an amusement park and indoor ski resort failed. Oleta Partners acquired the property in 2015 and expects the entire development will take 15 years to complete.
Wells Fargo Multifamily Capital Group Head Alan Wiener said the residential project will “jump start” the mixed-use development, “which will generate sustained long-term economic development in Miami for many years to come.”
Wells Fargo worked with HUD’s Atlanta, Jacksonville, Fla. and Washington, D.C. offices to obtain their commitments to insure the $101 million integrated construction and permanent loan.
