August 13, 2019
MidCap Financial has provided a $24.4 million construction loan for Allapattah 17, a new 14-story, 192-unit multifamily community in Miami’s Allapattah neighborhood.
Located at 1569-1652 NW 17th Ave., the community is near Miami’s urban core, which continues to generate developer and investment interest. Allapattah is located along the burgeoning Miami River, and contains Miami’s Health District/Civic Center, including Jackson Memorial Hospital and University of Miami Hospital.
Charles Foschini, Chris Apone, Lourdes Carranza-Alvarez and Shannon Wilson of Berkadia’s Miami office arranged the financing on behalf of Neology Development Group, a real estate development and investment firm based in Miami. Terms included a three-year, floating rate with one 12-month extension option.
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