MIAMI — Neology Development Group has obtained a $63.5 million bridge loan from Starwood Property Trust to pay off the construction loan for Fourteen Main Street Residences, a multifamily development located along Miami’s historic 36th Street. Berkadia arranged the original $57.5 million construction loan through Churchill Real Estate to fund Neology’s third project in Miami’s Allapattah neighborhood.
Upon completion, the development will feature 237 units that will range in size from 450 to 1,000 square feet across two buildings named the Highrise and Midrise. The 14-story Highrise will include studio, one- and two-bedroom floor plans, and the five-story Midrise will include two-bedroom walk-up homes and two-bedroom apartment units. The development will also include ground-level retail space.
Amenities will include a multipurpose lobby, coworking spaces, outdoor movie screen, 12,000-square-foot rooftop pool and clubhouse, poolside cabanas, fitness and wellness center, yoga and cardio studio, dog park, bike storage, smart package lockers, parking garage with electric vehicle charging stations and a rideshare lobby.
Fourteen Main Street Residences is on track to receiving its temporary certificate of occupancy (TCO) soon and is now preleasing. According to Apartments.com, monthly rental rates range from $2,152 to $3,081.