Lissette Calderon closes on land for second Allapattah project

She recently scored a $24M loan for her first apartment project in Allapattah

Aug.August 16, 2019 11:30 AM
Lissette Calderon and a rendering of the project (Credit: Sonya Revell)

Lissette Calderon and a rendering of the project (Credit: Sonya Revell)

UPDATED, Aug. 19, 5:35 p.m.: Developer Lissette Calderon closed on land for a second mixed-use project in Allapattah, property records show.

Calderon’s TCG Allapattah 16 LLC paid $6.4 million for the land at 1625 Northwest 20th Street. F&L Properties, led by Jorge Lerman, sold the site.

Calderon, president and CEO of Neology Life, is planning to build 16 Allapattah, with 323 apartments, a 336-space parking garage, about 13,000 square feet of retail space and nearly 7,000 square feet of office space on the site. The Miami Urban Development Review Board approved plans for the 12-story project last month.

Records show that F&L Properties owns the majority of the block, but only one parcel sold to Calderon in the $6.4 million sale. Calderon financed the deal with a $4 million loan from Maxim Capital Group. Melissa Rose of Ackman Ziff arranged the financing.

Her first development in the industrial neighborhood recently closed on a $24.4 million construction loan from MidCap Financial, a subsidiary of Apollo Global Management. Calderon’s Neology Development Group is using the loan to build Allapattah 17, a 192-unit apartment building at 1569-1652 Northwest 17th Avenue.

Calderon previously said that her goal is to create a rental portfolio in emerging neighborhoods of Miami and other cities.

Nearly a year ago, Neology Life paid $61 million for the former River Oaks Tower & Marina at 1951 Northwest South River Drive, marking Calderon’s return to the Miami River where she developed her first condominium projects in the early 2000s.

Neology Life renovated and rebranded the 21-story, 199-unit building into Pier 19 Residences & Marina, also adding a private 10-slip marina, three large cabanas for residents’ use, and creating all new common areas.

Several developers have filed plans for projects in Allapattah, which is west of Wynwood and east of Miami International Airport. The biggest is the Miami Produce Center property redevelopment, where Robert Wennett is planning a 1.4 million-square-foot mixed-use development designed by Bjarke Ingels.

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