Neology Development Group, in partnership with American Opportunity Zone Advisors, has successfully secured a $63.5 million refinancing for Fourteen Main Street Residences, a significant two-tower mixed-use project currently under development in Miami. Starwood Property Trust provided the substantial loan, marking a key step forward for the 237-unit community.
Key Takeaways
- Neology Development Group has obtained $63.5 million in refinancing for the Fourteen Main Street Residences project in Miami.
- The development is a two-tower, 237-unit mixed-use community located in a Qualified Opportunity Zone.
- Starwood Property Trust is the lender, and Berkadia facilitated the transaction.
- The project is slated for completion in the first quarter of 2025.
Project Details
The Fourteen Main Street Residences development is situated at 1470 NW 36th St. in Miami’s historic Allapattah neighborhood. The project comprises two buildings: a 14-story tower featuring 180 apartment units and a five-story building with 57 apartment units, including ground-floor walk-up residences. The community will offer a range of studio, one-bedroom, and two-bedroom units, with living spaces varying from 450 to 1,000 square feet.
Residents will benefit from modern unit amenities such as quartz countertops, energy-efficient kitchen appliances, in-unit washers and dryers, and efficient climate control systems. The development also boasts extensive common-area amenities, including original artwork, a versatile lobby, a 12,000-square-foot rooftop pool and clubhouse with poolside cabanas, coworking spaces, a comprehensive fitness and wellness center with yoga and cardio studios, a dedicated dog park with a wash area, secure bike storage, and smart package lockers.
Strategic Location and Future Outlook
Located within a Qualified Opportunity Zone, Fourteen Main Street Residences is strategically positioned in downtown Miami’s Allapattah section. The development includes a parking garage equipped with electric vehicle charging stations and a ride-share lobby, enhancing convenience for residents. Its proximity to the Allapattah Miami Metrorail Station further improves accessibility.
The project is on track for completion in the first quarter of 2025. Berkadia’s team, including Charles J. Foschini, Christopher Apone, Lourdes Carranza-Alvarez, and Shannon Wilson, played a crucial role in securing this financing for the Miami-based Neology Development Group.
Miami’s Robust Multifamily Market
This refinancing occurs against the backdrop of a strong and stable multifamily market in Miami. Data indicates a consistent occupancy rate of 95.5 percent over the 12 months leading up to the third quarter of 2024, with minimal fluctuations in asking rents. The region continues to attract development, with 8,873 new multifamily units added in 2024 through August, a growth rate exceeding the national average.
Miami’s economic strength, evidenced by a low unemployment rate of 2.2 percent in October (significantly below the U.S. rate), supports sustained demand for multifamily housing. Neology and Berkadia have a history of successful collaborations, including a $31 million loan arranged by Berkadia for the 192-unit No. 17 Residences Allapattah in late 2023.