At a glance
- Because the named permanent-phase sources total about $114.3 million, the $15 million gap brings the itemized sum close to the $129 million total.
- The earlier total does not reconcile with the $129 million figure, and neither account states whether the numbers cover construction, permanent financing or total development cost.
- More than 80 percent of the apartments will have rents tied to household income: 167 units for tenants earning 20 to 80 percent of area median income, 47 workforce units and 43 market-rate units.
Related Urban Development Group said Thursday it arranged $129 million of financing for Gallery Lummus Parc, a 257-unit mixed-income project in Downtown Miami, Commercial Observer reported.
Greystone Real Estate Capital said it is providing $80 million in construction financing and identified a $60 million permanent mortgage as a tax-exempt loan through Freddie Mac.
Together with the $60 million Freddie Mac loan, the permanent-phase sources named in that account total about $114.3 million: $27.1 million of Low-Income Housing Tax Credit equity, a $12.75 million State Apartment Incentive Loan from the Florida Housing Finance Corporation, a $5 million documentary surtax loan from Miami-Dade County, a $3 million American Rescue Plan Act loan from the City of Miami and $6.4 million of Opportunity Zone investment from a Related Group affiliate.
Because the named permanent-phase sources total about $114.3 million, the $15 million gap brings the itemized sum close to the $129 million total. That suggests the $80 million construction loan sits outside the $129 million total, though the account does not say which phase each source funds.
This publication reported on Sept. 29 that Greystone assembled a $167 million stack for the same project, including tax credits and a Freddie Mac forward. The earlier total does not reconcile with the $129 million figure, and neither account states whether the numbers cover construction, permanent financing or total development cost.
More than 80 percent of the apartments will have rents tied to household income: 167 units for tenants earning 20 to 80 percent of area median income, 47 workforce units and 43 market-rate units.
Construction is set to begin this month and finish in two years on the 0.7-acre site at 101 Northwest North River Drive and 395 Northwest First Street. The site is two blocks from Government Center Metrorail and Metromover and inside Miami-Dade County's Rapid Transit Zone, which permits the density. "We're taking a compact county-owned site and creating homes for locals across a wide range of incomes," Related Urban president Alberto Milo Jr. said in a statement.
Gallery Lummus Parc's $129M stack, by source
Itemized sources sum to $114.3M; the last $15M is unidentified
- Freddie Mac tax-exempt permanent loan$60M
- LIHTC equity$27.1M
- Unidentified$15M
- Florida Housing SAIL$12.75M
- Opportunity Zone investment$6.4M
- Miami-Dade documentary surtax loan$5M
- City of Miami ARPA loan$3M
Show as table
| Item | Value ($M) |
|---|---|
| Freddie Mac tax-exempt permanent loan | $60M |
| LIHTC equity | $27.1M |
| Unidentified | $15M |
| Florida Housing SAIL | $12.75M |
| Opportunity Zone investment | $6.4M |
| Miami-Dade documentary surtax loan | $5M |
| City of Miami ARPA loan | $3M |
Reported by the Real estate debt desk from Commercial Observer and Private Real Estate Daily archive. Published . Corrections