LeFrak, Soffers score $101M HUD loan for SoLēMia
Loan is for two 17-story, luxury rental towers totaling 400 units
Turnberry Associates and LeFrak are making moves at SoLēMia.
The developers’ SM Multifamily LLC just closed on a $101 million construction and permanent loan from Wells Fargo, according to a press release. The Housing and Urban Development-insured financing will be used for the development of two 17-story, luxury rental towers totaling 400 units.
The apartment buildings are part of the first phase of SoLēMia, $4 billion mixed-use, master-planned community in North Miami. The developers broke ground on both buildings in July and plan to complete them by the summer of 2019, a spokesperson told The Real Deal. Crews will pour the first elevated deck for the east building in November.
Turnberry, led by Jeffrey and Jackie Soffer, and LeFrak announced plans for the 183-acre development site at 15045 Biscayne Boulevard about two years ago and refinanced the North Miami land in October with a $66.5 million loan. The developers have said they’re footing the bill for the majority of the project’s $150 million worth of infrastructure, including roads and sewers, which is nearly completed.
The apartment towers will feature views of Oleta State Park and the bay, amenities that include a swimming pool and roof deck/sky lounge, a fitness center, community rooms and a business center, according to the release. In all, SoLēMia will have a 10-acre lagoon with beaches, 12 residential buildings with 4,300 units; a town center with shops, restaurant, a hotel and entertainment tenants; and a Warren Henry car dealership.
The former Biscayne Landing site has had a long and troubled history, including Superfund designation in the early 1980s and multiple failed bids for commercial development since 2003. Richard LeFrak bought out former partners Michael Swerdlow and Ezra Katz in 2015.
Investors and developers in North Miami and nearby North Miami Beach have been picking up properties in the area, including CK Prive Group and Prestige Imports owner Brett David.