Continua, Oldtown Snag $50M Financing for Miami Apartments
Continua Developments and Oldtown Capital Partners landed a $40 million senior loan from First American Bank for the Urbania NoMi 125 St. project in Miami. The developers of the 195-unit multifamily community also secured a $10 million preferred equity investment from Waterton Residential.
The Urbania NoMi is a 12-story multifamily development on a 1.3-acre site at 1150 Northeast 125th Street. Construction began in December and is expected to be completed by the end of 2026.
Continua and Oldtown Capital paid $7.59 million for the site in 2022. Continua Development is the U.S. subsidiary of Constructora Capital, a major developer in Colombia.
Urbania NoMi’s amenities include a social lounge, a media room, an indoor and outdoor fitness center, a resort-style outdoor pool, a yoga lawn and summer kitchens. The development also includes a 256-stall parking garage and 11,182 square feet of ground-floor retail.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
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