Omega Real Estate has locked down $100 million in construction financing to develop The Gardens Residence, a 358-unit mid-rise apartment community with 1,100 square feet of ground floor retail in North Miami, Fla. The financing was provided by Churchill Real Estate and was arranged by Berkadia. Located at 1155 Northeast 126th Street, just off the Biscayne Boulevard corridor at the gateway to Bay Harbor Islands and Bal Harbour, The Gardens Residence is the first phase of Omega’s plan to transform seven contiguous acres in North Miami into a live-work-play community called “The Gardens District.”
The project, which will break ground on July 11, was supported by the North Miami CRA which provided $15 million in subsidies. The project is expected to create an estimated 828 jobs, and 10 percent (38) of the units are set aside for families earning at or below 80 percent of area median income (AMI).
Senior Managing Director Charles Foschini, Managing Director Christopher Apone and Senior Analyst Robert Ludice of Berkadia Miami secured financing on behalf of Miami-based Omega Real Estate Management, a collection of seasoned real estate investors whose principals include Sebastien Scemla (CEO), Juan Carlos Lago (COO), Shawn Chemtov (Director of Finance), John Carlos Lago Jr. (CFO), and Anthony Hodes (Director of Risk).
Churchill Real Estate’s direct originations platform, led by Jeff Rosenfeld and Sean Robertson, provided the two-year, floating-rate loan, with two one-year extension options, interest only for the full loan term including extensions.
“The principals of Omega each have extensive experience as early investors in some of Miami’s most sought-after neighborhoods, and we came together as a result of a shared vision and belief that downtown North Miami represents Miami’s greatest future opportunity for growth,” said Omega’s CEO Sebastien Scemla. “Over the last several years, our team has quietly assembled several contiguous parcels of land in the heart of the neighborhood that will enable us to develop a true live-work-play community we’re calling ‘The Gardens District,’ anchored by this new Class A apartment community. We’re deeply grateful to the City of North Miami, including the Mayor, the Commissioners and the North Miami CRA for their ongoing support of our vision.”
“The Gardens Residences will offer the best Class A multifamily product in North Miami-Dade County, in a submarket that is currently underserved,” said Foschini. “The project will be a transformational anchor to North Miami and serve as a catalyst to the Garden’s community that will develop around it. The team’s extraordinary vision in creating The Gardens district will bring new life into one of Miami’s oldest communities.”
Added Jeff Rosenfeld, Co-Head of Originations at Churchill Real Estate, “This is precisely the kind of project Churchill is doubling down on in today’s capricious investment climate. The quality of the sponsorship team, coupled with the strength of the project, produced a compelling narrative, and we are excited to collaborate with Omega on this transformative development.”
Located on a four-acre site at 1155 Northeast 126th Street, The Gardens Residence will be a nine-story property offering studio, one-, two- and three-bedroom apartments averaging 511 square feet to 1,270 square feet. Individual apartments will feature stone countertops, luxury kitchen cabinetry, stainless steel appliances, floor-to-ceiling windows, SPC wood floors in the bedrooms and ceramic tile in the wet areas and living room spaces. Community amenities will include a ground-floor café with outdoor terrace seating and public sculpture art, a rooftop pool with rentable poolside cabanas, a gym, yoga studio, bike lockers and workshop stations, and structured parking with 528 stalls. As previously mentioned, 10 percent of units will be set aside for families earning at or below 80 percent of AMI.
Situated in North Miami, the proverbial “hole in the doughnut” in Miami-Dade County, The Gardens Residences is located halfway between downtown Miami and Aventura, and has immediate access to the beaches via 123rd Street, along with on-ramp access to I-95, 826 and the Florida Turnpike just four miles away. It is just three blocks away from a planned Brightline commuter rail on Northeast 123rd Street that will connect Miami with Fort Lauderdale, West Palm Beach and Orlando.
Recent zoning changes have made North Miami an incredibly attractive redevelopment area with attractive land basis. The property is close to Aventura Mall, the Florida International University Biscayne Bay Campus, Gulfstream Park, Oleta River State Park, the Jackson North Medical Center and Barry University. There are two Publix supermarkets and a Whole Foods within one mile of the property.
Omega also owns adjacent sites at 1075,1111 and1125 Northeast 125th Street that it will transform into a Class A, 28,000-square-foot office building called The Gardens Corporate Center, an 8,000-square-foot-office building called “The Creative Center”, and a new 12,000-square-F&B focused center called “The Hall” that will feature four restaurants and a gourmet grocery. The entire community, which spans seven acres, will be called The Gardens District.