Related Urban Secures $129M Financing for Downtown Miami Project
Related Urban Development Group said Thursday that it has arranged $129 million in financing for Gallery Lummus Parc, a 257-unit transit-oriented development in Downtown Miami.
Greystone Real Estate Capital said it’s providing $80 million in construction financing and identified a $60 million permanent mortgage as a tax-exempt loan through Freddie Mac.
Related Urban said additional financing sources include $27.1 million generated through the Low-Income Housing Tax Credit program; a $12.75 million State Apartment Incentive Loan from the Florida Housing Finance Corporation; a $5 million Documentary Surtax loan from Miami-Dade County; a $3 million American Rescue Plan Act loan from the City of Miami; and $6.4 million in Opportunity Zone investment from an entity affiliated with Related Group. Related Urban didn’t identify sources of the remaining $15 million in financing.
The affordable housing project is on a 0.7-acre spot at 101 Northwest North River Drive and 395 Northwest First Street, next to Lummus Park and two blocks from Government Center Metrorail and Metromover station. Plans call for 27 stories of residential development and a five-level garage.
Construction is set to begin this month and end in two years.
The density is allowed because the site is in Miami-Dade County’s Rapid Transit Zone.
More than 80 percent of Gallery Lummus Parc’s apartments will have rents tied to household income. That includes 167 units for tenants making between 20 percent and 80 percent of the area median income, along with 47 workforce units and 43 market-rate units.
“We’re taking a compact county-owned site and creating homes for locals across a wide range of incomes,” Alberto Milo Jr., president of Urban Related, said in a statement. “It shows what’s possible when we pair housing with access to transit, jobs and essential services.”
Jeff Ostrowski can be reached at jostrowski@commercialobserver.com.
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