Neology Life has received a $78.2 million construction loan from Trez Capital for a mid-rise apartment building in Miami’s Allapattah neighborhood, the lender says in a statement.
The development named The Julia at 1625 NW 20th Street, is rising between 17th and 15th avenues, Commercial Observer (CO) reported on Oct. 13. The 12-story building will include 323 residential rental units, a pool, a rooftop garden and a fitness center.
Construction is underway. The project is expected to be delivered in mid-2023.
Property records indicate that Neology purchased the 73,442-sq. ft. parcel, on which a 1950s warehouse stood, for $6.4 million and secured a $4 million acquisition loan from Maxim Credit Group in 2019.
The developer, led by CEO Lissette Calderon, works primarily in Allapattah, a working-class district that’s gentrifying due to its location near trendy Wynwood and the influx of wealthy residents, CO says. “Earlier this year, Neology completed its first project, rental building No. 17 Residences, which is 99 percent leased as of a month ago.”