Lissette Calderon’s nearly completed multifamily project in Miami’s Allapattah scored a $63.5 million refinancing from billionaire Barry Sternlicht’s Starwood Property Trust.
Miami Beach-based Starwood provided the bridge loan to Calderon’s Miami-based Neology Development Group. The new mortgage pays off a previous $57.5 million construction loan from Churchill Real Estate to build Fourteen Main Street Residences at 1470 Northwest 36th Street, a press release states.
A Berkadia team led by Charles Foschini and Christopher Apone arranged the financing.
Neology secured the loan on the heels of last week’s 25 basis point interest rate cut by the Federal Reserve. Forbes pegs Sternlicht’s net worth at $2.8 billion.
Fourteen Main Street Residences consists of a 14-story tower and a five-story lowrise building with a combined 237 apartments and roughly 6,000 square feet of ground-floor retail space. Neology is pre-leasing the two buildings, which are set to receive temporary certificates of occupancy in the first quarter of next year, the release states.
The project will feature a mix of one- and two-bedroom units ranging from 500 square feet to 1,000 square feet, the release states. Monthly rents are starting between $2,152 to $3,081, according to Apartments.com.
Fourteen Main Street Residences marks the third multifamily project developed in Allapattah by Neology, which Calderon founded in 2017. Her firm also completed The Julia, a 14-story building with 323 apartments at 1625 Northwest 20th Street; and No. 17 Residences, a 13-story mid-rise building with 192 apartments at 1569 Northwest 17th Avenue.
Along the Miami River, Neology owns Pier 19 Residences & Marina, a 21-story tower with 199 apartments. The site was previously a failed condominium project called River Oaks Tower & Marina when Neology acquired the property for $61 million in 2018.
In May, New York-based Apollo Asset Management provided a $54.5 million fixed-rate loan to Neology that refinanced a previous $52 million mortgage secured by the Pier 19 project.
Last year, Neology bought a Miami River development site for $32.2 million where Calderon is planning a three-building complex with 1,250 apartments.