Berkadia Arranges $57.5M Construction Loan for Multifamily Project in Miami’s Allapattah Neighborhood

by John Nelson

MIAMI — Berkadia has arranged a $57.5 million construction loan for Fourteen Residences Allapattah, a 237-unit apartment community located within an opportunity zone at 1470 N.W. 36th St. in downtown Miami’s Allapattah neighborhood. Charles Foschini, Chris Apone and Shannon Wilson of Berkadia’s Miami office secured the financing on behalf of the borrower, Neology Life Development Group, a residential and commercial real estate firm led by Lissette Calderon. Jeff Rosenfeld and Sean Robertson originated the 24-month loan, which features two extension options, internally for the lender, Churchill Real Estate.

Upon completion in early 2024, Fourteen Allapattah Residences will consist of a 14-story building with 180 apartment units connected via a pool deck to a five-story building with 57 apartments. The property will be situated within walking distance from the Allapattah Miami Metrorail Station, Rubell Museum and SuperBlue, an immersive art museum. The community will offer studio, one- and two-bedroom units ranging from 450 to 900 square feet.

Amenities will include original artwork, a multipurpose lobby, media lounges and living rooms, rooftop pool and clubhouse, poolside cabanas, coworking spaces, conference rooms, outdoor movie screen, an indoor and outdoor fitness and wellness center, dog park with dog wash area, bike storage, virtual concierge and smart package lockers, as well as a parking garage with electric car charging stations and a rideshare lobby.

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