Trez Capital Provides $ 78.2 Million in Financing for Miami Apartment Project
MIAMI – Trez Capital has provided a $ 78.2 million construction loan for The Julia, a 323-unit apartment building in Miami’s Allapattah neighborhood, just northwest of downtown Miami. Ben Jacobson of Trez Capital is behind the non-recourse loan. Charles Foschini and Chris Apone of Berkadia provided financing on behalf of the borrower. The financing is a 36 month loan, with a 12 month extension option.
Neology Life, a development company, led by Lissette Calderon, is the borrower and developer. Construction has already started and the project is expected to be completed by mid-2023. The development cost is $ 100 million, according to Neology Life Development Group.
Located at 1625 NW 20th St., The Julia will offer a mix of one and two bedroom units ranging from 586 square feet to 892 square feet. Community amenities will include a swimming pool with cabanas, rooftop garden, fitness and wellness center, cafe bar, dog park, and virtual concierge. The Julia was named after Julia Tuttle, the founder of Miami.
JAXI Builders Inc. is the general contractor for The Julia, while Behar Font Architects is the architect. Witkin Hultz Design is the landscape architect and designBAR is in charge of the interior design.
Neology Life is an experienced developer in the Allapattah district, as the company recently opened No.17 Residences Allapattah, a 192-unit, 13-story apartment building.