Alba Palm Beach Closes On $95 Millon Construction Loan

Miami-based BGI Capital, managed by Kenneth Baboun and Robert Barthelmess, have closed on a $95 million construction loan sourced in partnership with Wexcor Capital, a New York City-based real estate investment, management & advising firm, and financed by Kriss Capital, an New York City-based direct lender making construction and bridge loans on residential assets, to fund the completion of Alba Palm Beach.

As the only new development directly on the Intracoastal waterways in the emerging Northwood neighborhood of West Palm Beach, Alba Palm Beach is being developed by BGI Companies and Blue Road and is set to deliver a boutique collection of 55 luxury residences by 2025, including unique two- and three-story townhomes with unobstructed views. Starting prices begin at $3 million at Alba Palm Beach, which broke ground in August and is currently over 45% sold.

“We’re thrilled to announce the next step in Alba Palm Beach’s evolution with a construction loan of $95 million with a trusted lender like Kriss Capital,” said Kenneth Baboun, principal developer. “Following the momentum of Alba’s groundbreaking, this milestone puts us one step closer to successfully welcoming residents as we remain bullish on the development of West Palm Beach.”

About the loan, Wexcor Capital partner Ron Wexler said "Kriss Capital’s significant experience with condo development and deep understanding of flexible financing in times of market uncertainty set their team apart. We were pleased to partner with a best-in-class sponsor, BGI Capital & Blue Road Group, to deliver tailored financing for this development. Alba will be an excellent addition to West Palm Beach and I’m proud to have played a part in bringing it to life."

“At Kriss Capital, we get to evaluate hundreds of development projects each year and choose a select few to finance. Alba Palm Beach has all the components of a successful project that we look for including stunning design, a first-class development team, and an outstanding waterfront location,” said Jody Kriss, founder and principal of Kriss Capital.

Neology Life's No.17 Residences Allapattah Locks Down $31.456 Million Refinancing

Berkadia has secured a $31 million loan to refinance No.17 Residences Allapattah, a 192-unit attainable luxury apartment rental building in the Fruit Packing District of Allapattah. Senior Managing Director Charles Foschini, Managing Director Christopher Apone, and Associate Director Shannon Wilson of Berkadia South Florida secured the financing on behalf of Neology Life Development Group, a lifestyle-driven residential and commercial real estate firm, led by Lissette Calderon, that specializes in the transformation of overlooked and undervalued communities into vibrant urban neighborhoods. Fannie Mae originated the 10-year loan with five years of interest-only.

"Lissette Calderon and her company, Neology, have once again demonstrated their exceptional vision and expertise in transforming the Allapattah neighborhood with the refinancing of No.17 Residences. It's been a remarkable journey working alongside Neology Life on this project. Lissette Calderon's dedication to 'attainable luxury' and the development's success in the heart of Allapattah truly stand out, aligning perfectly with the community's needs.”

Located at 1569 NW 17th Avenue, No.17 Residences Allapattah was completed in April 2021 and leased up in record time. It offers one-, two-, and three-bedroom apartments ranging from 600 square feet to 1,125 square feet. Individual units feature smart home technology, open floor plan kitchens, stainless steel appliances, quartz countertops, washer and dryer, full-length windows, balconies, and walk-in closets. Building amenities include an expansive urban park, lobby lounge with co-working and social spaces, a TV lounge area, art-inspired pool deck, pool side cabanas, indoor/outdoor clubroom, fitness center, on-demand virtual fitness classes, a rooftop garden with a summer kitchen, an outdoor movie theater, bark park, bike storage, electric car charging stations, a zoom room, on-site parking, and 24-hour secure package rooms.

The property is situated in Miami’s centrally located Allapattah neighborhood, which is just a short walk, bike ride, drive or public transit trip from some of Miami’s largest employment centers, including the Health District, Civic/Government Center, Downtown Miami, Wynwood and the Brickell Financial district, and offers easy access to the Dolphin Expressway and I-95. As home to the flagship location of Superblue, the Rubell Museum and El Espacio, Allapattah has quickly become an important arts and culture destination.

2200 Brickell Secures $77 Million Construction Loan from Bank OZK

Aria Development Group, Largo and Place Projects have secured $77 million in construction financing for 2200 Brickell, a five-story luxury condominium development on Brickell’s lush Millionaire’s Row. The construction financing was provided by Bank OZK which was represented by King & Spalding. Hunton Andrews Kurth and The Aztec Group represented the developers. 2200 Brickell is slated to break ground in Q4 2023. Residences are priced from $1.2 million with One World Properties as the exclusive developer sales brokerage representing 2200 Brickell.

“We are thrilled to continue our partnership with Bank OZK to bring this amazing project to life,” said David Arditi, Managing Partner of Aria Development Group. “Brickell remains a top market within Miami’s luxury sector. 2200 Brickell will play an instrumental role in continuing Brickell’s success thanks to its focus on residential wellness, tailored amenities in a boutique setting. Together with our partners, we look forward to welcoming residents into an exciting building in this thriving neighborhood.”

Situated along Brickell’s historic Millionaire’s Row, 2200 Brickell offers two, three, and four-bedroom condominiums and garden villas ranging from 1,200 to 2,100 square feet. Designed by Revuelta Architecture International, with interiors by the award-winning team at ODA New York, it is meticulously crafted to enhance the quality of life for all who live there through a harmonious fusion of organic and geometric design. Additionally, 2200 Brickell is being designed as a WELL Certified building, meaning it adheres to the WELL Building Standard™. This standard is focused on ensuring the health and wellness of residents by creating a positive human experience centered around 10 core concepts ranging from light, movement, and nourishment to materials, mind, and community.

“Bank OZK is pleased to provide construction financing for 2200 Brickell,” stated Greg Newman, Senior Managing Director of Originations at Bank OZK. “Aria and its partners are developing a trophy asset that is destined to be one of the premier condominium developments in Miami. This combination of top-tier sponsorship, marquee asset and dominant location aligns perfectly with our real estate lending strategy.”

2200 Brickell will offer an array of amenities including its one-acre rooftop haven, a sun-drenched lush landscape of exquisitely elevated amenities. This one-of-a-kind rooftop space includes a resort-style pool and outdoor spa with pool-side cabanas, a pickleball court, a summer kitchen with multiple seating areas, an outdoor fitness area designed by HOMAGE Fitness, a children’s play area designed by Silver Hill Arts, and a quarter-mile walking track.

Indoors, additional amenities include a cycling lounge and workshop with bicycle storage, custom indoor children’s playroom designed by Silver Hill Arts, a world-class state-of-the-art fitness center designed by HOMAGE Fitness, a wellness lounge with a treatment room and sauna, dedicated work from home suites with a conference room, a resident lounge and entertaining space, Luxer One automated parcel storage featuring a contactless digital package delivery system with cold storage, and a double-height, 24-hour attended lobby. For further convenience, residents will enjoy above-ground parking on all levels with direct access to their residences, on-site valet parking, electric vehicle charging stations, and a covered porte-cochère.

Images via 2200 Brickell

FIRST ON PROFILE: Indian Creek Residences & Yacht Club in Bay Harbor Locks Down $29 Million Construction Loan

FIRST ON PROFILE: The New York and South Florida-based Landau Properties has closed on a construction loan for Indian Creek Residences & Yacht Club on Miami’s Bay Harbor Islands, a boutique residential property, which will include condominium residences and a private marina. Construction on the development is now underway and sales will formally launch this fall led by Official Partners which was founded by Oren and Tal Alexander of the Alexander Team.

Miami-based private real estate lender BridgeInvest originated the $29 million loan to finance the ground-up construction of Indian Creek Residences & Yacht Club. It is the firm’s most recent transaction in its flagship fund, BridgeInvest Specialty Credit Fund IV, which focuses on development, bridge and value-add lending throughout the U.S. Raffi Landau of Estreich and Company arranged the construction financing provided by BridgeInvest.

“We are pleased to have the confidence of BridgeInvest on this very special project that will offer an unparalleled opportunity on the Bay Harbor Islands,” said Jonathan Landau, Founder and CEO of Landau Properties. “We received strong lender interest for this project, and this financing package affirms our team's ability to create an incredible residential experience with a combination of an amazing waterfront location, service-oriented lifestyle and world-class design. BridgeInvest, a highly regarded lending institution in South Florida, proved to be the perfect partner given their established local presence and robust construction abilities. It was a pleasure getting to know the BridgeInvest team and working with them on this transaction. Indian Creek Residences & Yacht Club has already captured interest from today’s most discerning buyers, and we look forward to seeing the building come to life, with demolition now underway.”

“We are excited to finance a unique, design-forward, boutique project on one of the best developable waterfront lots in Bay Harbor Island,” said Alex Horn, BridgeInvest managing principal and founder. “Jonathan Landau and his team are already proving their abilities to leverage their decades of development experience as they embark on creating the Landau Properties brand. We wish them continued success."

Indian Creek Residences & Yacht Club, which Landau Properties acquired the site for in 2022, will bring nine luxury condominium homes and six private yacht slips. The boutique building provides one of the only private yacht clubs in the area, as well as a sought-after opportunity to overlook the coveted Indian Creek Island. The waterfront development is being designed by Kobi Karp with interiors by Linda Zarifi of Zarifi Design.

Renderings via Landau Properties

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SHVO Locks Down $190 Million In Financing For The Raleigh Hotel & Residences, Miami Beach

SHVO, the ultra-luxury real estate development and investment firm led by Michael Shvo, has secured $190 million in new financing for The Raleigh Hotel & Residences, Miami Beach, a significant milestone in the next chapter of the iconic art-deco storied property. The loan, provided by BH3 Debt Opportunity Fund II, L.P. led by BH3 Management through its opportunistic credit platform, and facilitated by Walker & Dunlop's New York Capital Markets team, closed earlier this week. Construction is well underway and the property is on-track to open in 2026.

With a total investment of approximately $1 billion, including a substantial equity contribution of over $300 million, the restoration and expansion of The Raleigh by SHVO, in partnership with Deutsche Finance America and a group of German institutional pension funds,represents one of the single largest investments in Miami Beach and serves as a testament to SHVO’s commitment to bringing world-class design and architecture to the city.

Located on 1775 Collins Avenue and situated on an unprecedented three-acre oceanfront parcel, the return of The Raleigh will redefine Miami Beach's historic Art Deco district. The design, helmed by acclaimed architect Peter Marino in collaboration with Miami-based Kobi Karp Architecture, will feature a 60-suite full-service hotel managed by Rosewood Hotels & Resorts, a separate 17-story oceanfront tower with 42 Rosewood-branded residences, and a private member’s club with Michelin-starred dining concepts.

“As we proceed with our meticulous restoration of The Raleigh, we continue to be inspired by its legacy of elegance, glamour and sophistication,” said Michael Shvo, Chairman and CEO of SHVO. “Our new financing will allow us to honor the historic significance of The Raleigh while ushering it into a new era of refined luxury, creating an unparalleled hospitality experience for generations to come.”

“BH3 is pleased to provide the financing for the first stage of construction for SHVO’s plan to restore and revive the iconic Raleigh property in Miami Beach,” said Gregory Freedman of BH3 Management. “Between SHVO’s track record of execution on other marquee luxury projects, the best-in-class team that has been assembled, including Rosewood and Peter Marino, and The Raleigh’s historic relevance and design, this will be a transformational project for Miami Beach.”

“This transaction underscores the reality that despite today’s challenging capital markets environment, liquidity remains readily available for proven sponsors determined to develop unique assets in established markets,” said Aaron Appel, Senior Managing Director and Co-Head of the New York Capital Markets team at Walker & Dunlop. “The collaboration between SHVO, Peter Marino and Rosewood Hotels & Resorts ensures that upon delivery, The Raleigh will be a truly market-defining project and a welcome addition to the rapidly changing landscape of Miami Beach.”

Inside 'An Exploration Into Capital Markets Coral Gables' Presented By PROFILEmiami & MG Developer

On Tuesday July 25, 2023 PROFILEmiami teamed-up with MG Developer to present ‘An Exploration into Capital Markets Coral Gables’, bringing an immersive panel and cocktail event exploring capital markets and real estate development in South Florida to the beautiful ‘Village at Coral Gables’ showroom. The relaxed and open setting featured cocktails courtesy of MG Developer and food from Coral Gables staple restaurant, Zucca, while attendees networked with industry leaders one of Miami’s hotbed neighborhoods for business and development.

The engaging panel featured keynote speakers Catie Naranjo, CDO at MG Developer; Scott Wadler of Berkadia, Melissa Tapanes, a partner at Bercow Radell Fernandez Larkin and Tapanes, PPLC; and Ayush Kapahi, Founder at HKS; moderated by Demetri Demascus of PROFILEmiami. Topics explored included current environment of capital markets, the difficulties behind financing projects in todays market, the process a developer undertakes to obtain financing, what lenders are looking for when financing a project and the regulations that surround financing.

The evening was attended by real estate leaders such as Alirio Torrealba, CEO of MG Developer; Daniel De La Vega, CEO of ONE Sotheby’s International Real Estate; Cullen Mahoney, Senior Development & Acquisitions Officer of Continuum Companies; and Danny Schwimmer, CIO of The Allen Morris Company, amongst others.

“It is very challenging right now from start to finish. A developer handles everything from site selection, to marketing, to handling the construction costs, you name it, their ultimate goal is to get to the sales. You have to get to the finish line. The way to do that is to get a project built and capitalized as quickly as possible; and the way to do that right now is to find a project that is able to be built.” Said Scott Wadler of Berkadia.

“Cost of construction has gone up, insurance costs are up 5X, interest rates, cost of capital, both on the debt and equity side, almost everything has kind of ticked up. Lucking in Florida rents and property values have kept pace with the increased costs.” Said Catie Naranjo, CDO at MG Developer.

“Ashe market ages and moves it wants to be behind someone who knows what they are doing. It is no longer a speculative game, whether it is for sale housing or even just rental, it is about execution. It is about getting things done as fast as possible, and it is about having the right team.” Said Ayush Kapahi of HKS.

Attendees also got to explore the stunning, state-of-the-art, showroom for The Village at Coral Gables featuring curated interiors and furnishings that were selected from RH (Restoration Hardware), which have proven their design leadership in the luxury lifestyle market. MG Developer, led by Alirio Torrealba, announced on July 5, 2023 that it has secured a $67.5 million construction loan from Churchill Real Estate to build the highly anticipated Village at Coral Gables development, with groundbreaking expected this July.

Witkoff Group and Monroe Capital Close On Record-Breaking Loan For Shore Club Private Collection

Witkoff Group, a Miami-based development and investment firm, and Monroe Capital, a premier asset management firm, have closed on a $430 million construction loan for Shore Club Private Collection, which is on track to be one of the fastest-selling luxury developments in Miami Beach’s history. Financed by J.P. Morgan, the loan is believed to be the largest for a residential construction project in South Florida. With two-thirds of inventory sold and sales already surpassing $550 million since its late January launch, Shore Club is readying to begin construction later this year for an expected completion in 2026.

“This record-breaking loan underscores the tremendous confidence the market has in Shore Club Private Collection,” said Alex Witkoff, Co-Chief Executive Officer of Witkoff Group. “The project has been leading luxury condominium sales in Miami since its launch, and we are setting a new standard in Miami Beach with prices per square foot consistently over $5,000 and the average home selling for more than $20 million. We’re thrilled to have reached these legendary milestones with such a prestigious investment partner as J.P. Morgan.”

Building on the rich history of Miami Beach’s Art Deco and modernism design style, while also fostering a seamless connection to its iconic location, Shore Club Private Collection will be home to 49 residences designed by award-winning New York-based firm, Robert A.M. Stern Architects. The architect is behind some of New York City’s most successful buildings, including 220 Central Park South and its predecessor, 15 Central Park West. Shore Club will be set on three oceanfront acres with lush botanical gardens curated by renowned landscape architect Nathan Browning of Island Planning Corporation.

The development is the first residential oceanfront project designed inside and out by Robert A.M. Stern and includes a ground-up new building, The Tower, a newly reimagined Art Deco building originally completed in 1939, The Cromwell House, and The Beach House, a signature single-family beach house. Each component relates architecturally yet is artistically distinctive, envisioned to maximize vistas and light with the curvature of each home to deliver a product that does not yet exist in the Miami market. The interiors further this vision, taking inspiration from yacht design and the patterns and movement of the ocean waves and sand on Miami’s coastline. RAMSA collaborated with Miami-based Kobi Karp Architecture & Interior Design on the architecture.

Rising 20 stories, the Tower features two- to six-bedroom residences ranging from 1,900 to more than 10,000 square feet with beautifully curved balconies, over 10-foot ceilings and floor-to-ceiling windows homes. Complete with private and semi-private elevators and private balconies, the Tower offers cinematic views of the Atlantic Ocean and sunsets. The eight-story historic Cromwell House will be preserved and reinvented as four premier residences, including three duplex residences and a penthouse. These homes will be four and five bedrooms featuring two-story great rooms with dramatic double-height ceilings, and the expansive full-floor penthouse. Finally, the Beach House will be the only private home on the oceanfront of Miami Beach and will span 6,000 square feet with three outdoor spaces totaling over 2,180 square feet.

The reinvention of the Shore Club Private Collection is a united vision in partnership with Auberge Resorts Collection. The residences will be serviced by Auberge but will offer privacy and seclusion within the five star resort. The collection of amenities and services exclusive to residents include a discreet porte cochere entrance, three separate swimming pools including a private residential pool, 75-foot lap pool and a leisure pool, state-of-the-art fitness center, library, lounge and other amenities. Auberge Resorts Collection’s one-of-a-kind reputation for intimate tailored service will also extend to the residences with numerous in-home offerings, as well as access to Auberge’s world-class spa, concierge services, housekeeping, beach club and culinary experiences, including in-residence dining, house sommelier services, a signature restaurant, poolside café and bar with dedicated cabana service, double-height café and bar leading to an outdoor lounge, and more.

Pricing at Shore Club Private Collection starts at approximately $6 million. Sales and marketing efforts for the project exclusively handled by Douglas Elliman Development Marketing.

Terra and Lion Development Group Acquire Midtown Development Site For $40 Million

A joint venture between leading Miami-based developers Terra, led by David Martin, and Michael Simkins’ Lion Development Group, has closed on the $40 million purchase of a prime 1.6-acre piece of property located at 3501 NE 1st Avenue in Miami. Plans call for an iconic luxury condominium tower designed by Miami-based architect Arquitectonica and international design studio Yabu Pushelberg set to rise at the nexus of Miami’s most in-demand neighborhoods, including the Design District, Midtown, Wynwood and Miami Beach. The joint venture has secured $30 million in financing from Metropolitan Commercial Bank, which will provide for the acquisition of the property and fund initial site development in advance of the project’s groundbreaking in 2024. Completion is estimated for 2026.

“Terra has long been committed to promoting design excellence and connectivity, so the opportunity to develop a tower at the gateway to the Design District, which has come alive as one of South Florida’s most walkable neighborhoods, is appealing. This tower will cater to residents who want to live steps away from world-class shopping, dining, and arts and entertainment – and minutes away from Miami Beach,” said David Martin, CEO of Terra.

“Here at Metropolitan Commercial Bank, we lend to best-in-class sponsors who are battle and time-tested experts in their asset class. We help them create and sustain generational wealth by understanding exactly how they create value, and by structuring our transactions to maximize this value creation. Terra has been on the front lines of reinvigorating some of the city’s most desirable neighborhoods for more than a decade now. We saw a great opportunity to help the firm acquire the last remaining undeveloped parcel in the Midtown Miami PUD. We are proud to add David Martin and Terra to our Florida sponsor roster,” said Manuel Vidal, Florida Market Manager for Metropolitan Commercial Bank.

Terra’s portfolio of luxury developments across South Florida includes Five Park, a 48-story residential tower rising at the entrance to Miami Beach; the two-tower Mr. C Residences Coconut Grove, which is nearing completion later this year; THE WELL Bay Harbor Islands, a wellness-focused mixed-use property planned for Miami’s Bay Harbor Islands with 54 luxury residences and 80,000 square feet of class A office space; and Villa Miami, a 55-story waterfront tower planned for Miami’s Edgewater neighborhood with roughly 50 full-floor residences.

Lion Development Group is led by Michael Simkins, one of the visionaries behind the E11EVEN brand and one of the largest property owners in Miami. Michael Simkins is leading the redevelopment of several distinct neighborhoods in South Florida and is currently developing E11EVEN Hotel & Residences, E11EVEN Residences Beyond and West Eleventh Residences.

CYMBAL DLT Companies Locks Down $95 Million Loan For Newly Built Oasis Pointe Residences In Dania Beach

Miami-based real estate development and construction firm Cymbal DLT Companies has secured a $95 million loan from Kookmin Bank and Related Fund Management for Oasis Pointe Residences, a multifamily complex in Dania Beach that they recently developed and will now continue to be part of the Cymbal DLT Collection of communities in South Florida.

Within 29 months of groundbreaking, Cymbal DLT paid off its $60.3 million construction loan to 3650 REIT and distributed to their equity investors over a 130% return, a return that will continue to grow with ongoing cash flow. The loan will allow Cymbal DLT and their investors to keep the newly built 301-unit community as part of their growing multifamily portfolio. Cymbal DLT has a development and construction pipeline of over $2 billion in South Florida.

“We are grateful to our investors and lenders for the confidence that they have placed in us,” said Asi Cymbal, Chairman of Cymbal DLT. “We are proud of the fact that we have rewarded our investors with unmatched returns and have always paid our lenders in full.”

“Cymbal DLT’s focus on best in class has allowed us to mitigate risk and thrive during these turbulent times,” added Hector Torres, CEO of Cymbal DLT.

Patrick Martin from Related, Will (Woosuk) Cha from Kookmin Bank, and Asi Cymbal, Hector Torres, Jacob Nunez, and Jake Fleischer from Cymbal DLT worked to close this deal. Cymbal DLT’s private financier Christian Uriarte and Gautham Atreya of Cymbal DLT brokered the loan. John Hotte of Krinzman Huss Lubetsky Feldman & Hotte was legal counsel for Cymbal DLT.

The 2.4-acre waterfront complex opened 8 months ago and is 97% leased. It serves as the area’s first waterfront apartment building with 301 units, thoughtfully designed details, and exceptional indoor and outdoor amenities to create fresh-air havens of relaxation and retreat. The living spaces of the building feature a mix of studios, one, two, and three-bedroom luxury apartments with open floor plans and modern features.

The residential design of the luxury indoor and outdoor living spaces respond to the timely demands for better natural ventilation, lighting, and fresh air quality while the amenities seek to enhance the mental and physical well-being of residents.

Inspired by the surrounding water and nature, key amenities and features of the eight-story building include: a meditation garden; a waterfront boardwalk with a 19-slip marina; a Zoom lounge with private office suites and workstations; an outdoor lap pool; a fire pit with outdoor BBQ and picnic areas; state-of-the-art, open-air fitness facility and yoga studio; an indoor lounge and game room; and a dog park.

Located at 150 South Bryan Road in Dania Beach with easy access to I-95 and I-595, Oasis Pointe is in close proximity to the Fort Lauderdale-Hollywood International Airport, Port Everglades Cruise Port and the corporate headquarters of Spirit Airlines and Chewy. It is adjacent to Dania Pointe, a mixed-use development that features premier shopping and dining options, commercial spaces, and a dual-branded hotel.

MV Real Estate Holdings Locks Down Construction Loan And Breaks Ground On Miami Senior Affordable Housing Development

The first project in collaboration between Miami-Dade Public Housing and Community Development (PHCD), Miami-Dade Parks, Recreation and Open Spaces (PROS), and Miami-Dade Transportation and Public Works (DTPW) with the private sector created to provide attainable housing solutions to seniors has been given the green light to begin construction. MV Real Estate Holdings, LLC is set to break ground on the highly anticipated Ludlam Trail Towers on March 14 in Miami, Florida. Positioned between Coral Way and Southwest 69th Avenue intersection, the project is estimated to cost $25 million.

Centennial Bank provided a $7.5 million construction loan to Ludlam Trail Towers, LLC. The Bank’s SVP, Senior Commercial Loan Officer Yuleisy Montalvo, worked jointly with Lument, who is providing a guaranteed Freddie Mac permanent takeout with a fixed rate to Ludlam Trail Towers upon receipt of its certificate of occupancy (CO). Centennial Bank is a full-service financial institution with branches in Florida, Arkansas, Alabama, Texas, and New York and nearly $24 billion in total assets.

“This project is the culmination of the vision of the elected County officials and administrators seeking to help the most vulnerable in our society, the County Parks Department looking to bring the Ludlam Trail to fruition, the Miami-County Department of Transportation seeking to provide connectivity to the Trail over Coral Way and MV Real Estate Holdings who is contributing private dollars and will ultimately be building and executing on this vision that we believe will be transformative to so many,” said Alex Mantecon, managing partner of MV Real Estate Holdings.

Led by Alex Mantecon and Guillermo D. Vadell, managing MV Real Estate Holdings members, Ludlam Trail Towers is expected to redefine attainable housing solutions in a submarket that has not seen any projects with similar characteristics in over a decade. The funding of this project was a collaboration of private equity dollars and four different funding sources at the County level with financing provided by Centennial Bank who provided the construction loan, Lument who provided a Freddie Mac forward commitment and a Miami-County Surtax gap funding loan. This structure allowed the construction lender to be more aggressive in this challenging environment. The financing teams were spearheaded by JC de Ona and Yuleisy Montalvo at Centennial and Marc Suarez at Lument.

“It is great to see not only the public private partnership step up but also the capital markets to support the development of affordable housing,” said Marc Suarez, Managing Director at Lument.

"We are honored to be part of a project that touches upon so many critical needs in our community and to shed light into a parcel of the population that is often forgotten," said Alex Mantecon, managing partner of MV Real Estate Holdings. "There is no doubt that Ludlam Trail Towers will redefine urban living in Miami-Dade County for the elderly while at the same time creating a one-of-a-kind amenity in the Ludlam Trail linear park to be enjoyed by all."

The 64 rental units development composed of two buildings with four and five-story will encompass 760-square-foot one-bedroom, one-bathroom units to 1,000-square-foot two-bedroom, two-bathroom residences. The towers on either side of Coral Way will be connected by a pedestrian bridge that spans over Coral Way and will be a part of the Ludlam Trail.

The project will leverage its exclusive location with direct access to the Ludlam Trail linear park and include a multipurpose room available for the public, allowing residents to interact with them while allowing them to participate in fitness activities. The property is located along the Ludlam Trail, a 6.2-mile multiuse public trail running north to south from Miami International Airport to Dadeland Mall. It will connect with the Underline and circle back to Downtown Miami, thus creating 16 miles of uninterrupted trails inside our urban core.

“Our seniors struggling with rising costs across the board deserve access to safe and affordable housing," said Commissioner Kevin Cabrera. "I’m excited to see the construction of the Ludlam Trail Towers, which help the seniors of our district live out their golden years with dignity. Looking forward to continuing to work with our partners on initiatives to tackle our community’s housing crisis.”

The Ludlam Trail Towers is one of the many scheduled residential projects for the trail as part of the redevelopment of the abandoned railroad track. Additional projects on the trail include a 312-unit apartment complex on the Bird Road Node also led by MV Real Estate Holdings in partnership with Altman Companies and Mattoni Group, an 84-unit workforce housing complex on 8th street, and a 950-unit apartment building with retail stores, and a dog park on 8th street as well; every project is currently in different phases of development.

First Florida is the General Construction company responsible for Ludlum Trail Towers with an expected completion date by the summer of 2024. Reservations will be available starting spring of 2024.