Trilogy Scores $82 Million Loan to Build Miami Apartments

Trilogy Real Estate Group landed an $82.3 million construction loan for a planned multifamily tower in Miami’s Edgewater.

Chicago-based Trilogy, led by president and CEO Neil Gehani, received the financing from Bank OZK, the South Florida Business Journal reported. The project, dubbed Edgewater 27, is slated for the 0.6-acre site at 2728 Northeast 2nd Avenue.

Trilogy is a multifamily development and investment company with a portfolio that spans more than 14 cities. Trilogy’s Gehani is also the founder and owner of the Concours Club in Opa-locka, a members-only car club where entry costs $350,000, according to published reports.

Trilogy bought the site for $12.5 million in 2021, records show. Edgewater 27 is set to rise 20 stories, with 247 units and 8,000 square feet of commercial space, the outlet reported. Units will range from studio to three-bedroom apartments, Trilogy’s website shows. The tower’s amenities will include a pool, fitness center, lounge and coworking space. Trilogy tapped Coral Gables-based SB Architects to design the project.

Edgewater 27 is one in a growing pipeline of projects for Trilogy in the neighborhood. In 2022, the firm dropped $30.6 million on a 1.6-acre site at 2201 Northeast Second Avenue, an Opportunity Zone site, with plans for a 36-story tower. Trilogy is planning another multifamily development, the 369-unit Edgewater 23, for the site.

In June, Trilogy acquired Crescent Heights’ Edgewater headquarters for $41.9 million. They are planning a mixed-use development with condos and apartments on the 2-acre site at 2200 Biscayne Boulevard. The project will rise up to 60 stories with 834 units that will include between 60 and 80 condos.

Edgewater has been a magnet for development in recent years. In November, Black Salmon, the Boschetti Group and Constellation Group partnered with hospitality mogul Sam Nazarian to launch HQ Residences Miami, a planned 35-story, 229-unit condo tower.

–– Kate Hinsche