Neology has landed a $31 million refinancing loan for a luxury apartment community in Miami’s Allapattah neighborhood. Berkadia’s Charles Foschini, Christopher Apone and Shannon Wilson arranged the 10-year Fannie Mae loan with five years of interest-only.
Neology’s 192-unit property, No. 17 Residences Allapattah, was completed in April 2021. In September 2021, Berkadia arranged a $31 million bridge loan to refinance the community, which was provided by Harbor Group International.
No.17 Residences Allapattah offers one-, two- and three-bedroom units ranging from 600 to 1,125 square feet. The units were built with smart home tech, open floor-plan kitchens, stainless steel appliances, quartz countertops, washer and dryer units, full-length windows, balconies and walk-in closets. The community’s amenities feature a park, TV lounge, pool deck, clubroom, fitness center, rooftop garden, outdoor movie theater, dog park, bike storage, electric vehicle charging stations, package rooms, and a lobby lounge with coworking and social spaces. According to Berkadia, the community is more than 90 percent occupied.
Local attractions
Located at 1569 NW 17th Ave. in Allapattah’s Fruit Packing District, the community is a short distance from several of Miami’s employment centers, including the Health District, Civic/Government Center, downtown Miami, Wynwood and the Brickell Financial District. Residents will have access to Allapattah’s cultural attractions, such as the Superblue Miami art museum, the El Espacio 23 art space and the Rubell Museum.
Neology’s strategy focuses on redeveloping overlooked and undervalued properties into amenity-rich luxury communities. The Miami-based firm has focused on properties in South Florida’s urban areas for the last 15 years, including The Julia, a 323-unit luxury multifamily tower that topped off earlier this year. Berkadia arranged a $78.2 million construction loan for The Julia in October 2021.
Neology has worked with Berkadia on a number of occasions for its Miami projects. Also in 2021, Berkadia arranged a $52 million bridge loan to refinance Pier 19 Residences & Marina, a downtown Miami community. More recently, Neology landed a $57.5 million construction loan for Fourteen Allapattah Residences, which Berkadia secured in August 2022.
