Trez Capital Provides $78 Million Construction Financing for Miami Apartment Project

Trez Capital, a private real estate lender that finances commercial and residential real estate projects in the U.S., recently provided a $78.1 million construction loan for a 323-unit mid-rise apartment building in Miami’s emerging Allapattah neighborhood. The borrower is Neology Life, a development company led by Lissette Calderon, focused on transforming the Miami River District.

Trez Capital Managing Director Ben Jacobson originated the loan, which closed on Oct. 12. Construction has already begun, with the project set to be delivered in mid-2023.

“Lissette Calderon is a pioneering developer who has been extremely successful revitalizing the Miami River District and now breathing new life into Allapattah, one of Miami’s oldest neighborhoods,” Jacobson says. “We are delighted to partner on this exciting project by providing financing for a development that is sure to capture intense interest from the public.”

Allapattah sits just northwest of downtown Miami with the Wynwood district to the east. The 12-story project, known as The Julia, is located at 1625 NW 20th St. The name pays homage to Julia Tuttle, known as the “Mother of Miami,” who is credited with being the only female founder of Miami.

The Julia will offer a curated, one-of-a-kind modern residential living experience with cutting-edge amenities that will appeal to a diverse cross-section of today’s urban renters,” says Lissette Calderon, president and CEO of Neology Life Development Group. “The building has been thoughtfully designed, inside and out, to reflect the area’s unique history and character, and we hope as a result it will become a beloved and integral piece of the community’s fabric for many years to come.”

The building will feature a mix of one and two-bedroom units ranging from 586 square feet to 892 square feet. Residents will have access to many amenities, including a pool with cabanas, rooftop garden with outdoor living, fitness and wellness center, coffee bar, dog park and virtual concierge.

“This is an exciting milestone for Allapattah,” says Miami City Commissioner Alex Diaz de la Portilla. “High-quality housing options are key to our community’s success and projects like The Julia provide that. Moreover, Lissette Calderon and her team at Neology are experienced in building authentic, vibrant communities, and have a deep appreciation for Allapattah’s history, culture and mom-and-pop businesses. They will be valued, long-term partners in helping us achieve measured growth that benefits and inspires all Miamians.”

The multifamily market in South Florida continues to be in demand, with rent increases expected to grow between 8% and 9% over the next year, according to CoStar Group, a provider of commercial real estate information. Another report from Realtor.com says South Florida is the third-fastest growing rental market in the U.S.

“When we evaluate lending opportunities, we focus on the needs of a community and the track record of the developer,” Jacobson says. “Partnering with Lissette and understanding her vision, we think Allapattah is perfectly positioned to attract nearby working professionals and families who desire a certain level of luxury living but are priced out of places like Brickell, Downtown, and Wynwood.”

Trez Capital has offices in Palm Beach and is on pace to originate about $2 billion in loans by the end of 2021.

You May Also Like
Panel Looks at “Fort Lauderdale Rising: The New Residential Landscape”

The topics of discussion included the current state and future of the city, where luxury is headed and factors driving the demand for real estate in the area.

Read More
Florida Commercial Property Investment Group Launches in South Florida

The firm will be headquartered in Fort Lauderdale.

Read More
Andare Residences by Pininfarina Breaking Ground on Las Olas

Delivery of completed units is expected to take 24 to 28 months after construction begins.

Read More
Green Realty Merges with Global Powerhouse to Become The Agency Fort Lauderdale West

Chris Green and Patty Da Silva have merged their business with Mauricio Umansky’s The Agency.

Read More
Other Posts
Waldorf Astoria Residences Break Ground in Pompano Beach with 70 Percent of Homes Under Contract

The Residences will feature 92 exclusive condominium homes.

Read More
Florida and Texas Are Gaining Residents at a Slower Rate, Redfin Reports

The rising cost of housing and the increasing frequency of natural disasters are slowing migration to Florida and Texas metros.

Read More
Live Local Act Could Finally Make an Impact on Housing

These proposed updates could finally fulfill the Act’s original promise – bringing critically needed housing to high-cost areas.

Read More
Luxury Development Glass House Boca Raton Breaks Ground

The nine-story residential development is slated for completion in Q2 2027. 

Read More