Related Affiliate Obtains $167M Loan Package for Miami Apartment Community
Related Urban Development Group (RUDG), part of The Related Group, inked a $167 million financing package for the Gallery at Lummus Parc.
Greystone provided the financing. The Greystone team included Greg Voyentzie and Jay Reed of Greystone Real Estate Capital (GREC), Jason Kaye of Greystone Housing Impact Investors LP (GHI), and Jeff Englund and Pharrah Jackson of Greystone.
GHI is providing $80.0 million in construction financing through its joint venture with BlackRock Impact Opportunities Fund, while GREC is providing $27.1 million in 4% Low-Income Housing Tax Credit (LIHTC) equity. Greystone also obtained a Freddie Mac forward TEL for a $60.1 million fixed-rate, tax-exempt permanent loan.
Located at 395 Northwest 1st Street in Miami, the Gallery at Lummus Parc will comprise 257 residences and will feature a generous amenities package.
Approximately 83% of the residences will be subject to income and/or rent restrictions. Construction is underway and is expected to be completed in late 2028.
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Brokers
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Remax Professionals
Re/Max Real Estate Professionals | New York
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout