The Altman Companies have closed on a $55.4 million construction loan for a Miami apartment project.
Altman Companies secured the loan from Comerica Bank and IberiaBank to build the 312-unit apartment complex at 7004 Bird Rd. near the Ludlam Trail Corridor District, according to a press release reported by The Real Deal.
Work should be completed by 2022, the developers say.
The six-story building for the Altis Ludlam Trail project will be on about 2.74 acres of land will also have 7,500 square feet of retail space.
Altman Companies is developing the property in a partnership with Alex Mantecon from MV Real Estate Holdings and The Mattoni Group, a private equity real estate investment firm.
The development group purchased the two parcels for Altís Ludlam Trail for a combined $9 million in 2018, according to published records.
Adjacent to Altís Ludlam Trail, apartment developer Zom Living and its partners closed on a $57.3 million construction loan in May for the first phase of the group’s Ludlam Trail project. The developers plan to build 950 apartments and up to 35,000 sql ft. of retail space, The Real Deal reported.