Berkadia Arranges $100M Construction Loan for Gardens Residence Apartments in North Miami, Florida

NORTH MIAMI, FLA. — Berkadia has arranged a $100 million construction loan for the development of The Gardens Residence, a 358-unit midrise apartment community located at 1155 N.E. 126th St. in North Miami. Churchill Real Estate provided the two-year, floating-rate loan to the borrower, Omega Real Estate Management. Charles Foschini, Christopher Apone and Robert Ludice of Berkadia’s Miami office arranged the financing, which includes two one-year extension options and is interest-only for the full loan term, including extensions. In addition to the financing, the North Miami CRA is providing $15 million in subsidies. The Gardens Residence is part of Omega’s plan to transform a seven-acre assemblage into a mixed-use community named The Gardens District that will include offices, shops and restaurants. The nine-story apartment community will feature studio, one-, two- and three-bedroom apartments ranging from 511 square feet to 1,270 square feet. Amenities will include a ground-floor café with outdoor terrace seating, rooftop pool with rentable poolside cabanas, gym, yoga studio, bike lockers and workshop stations and structured parking with 528 stalls. Ten percent of units will be reserved for families earning at or below 80 percent of area median income.