Key financing has been secured for Gallery at Lummus Parc, a new high-rise multifamily community that is under construction in Miami.
Greystone, a leading national commercial real estate finance company, announced it has provided a $167 million loan package for the development that is sponsored by Related Urban Development Group.
The transaction was facilitated through Greystone Real Estate Capital (GREC), Greystone Housing Impact Investors (GHI), and Greystone.
GHI is providing $80 million in construction financing through its joint venture with BlackRock Impact Opportunities Fund, while GREC is providing $27.1 million in 4% low-income housing tax credit (LIHTC) equity. Greystone also obtained a Freddie Mac forward tax-exempt loan for a $60.1 million fixed-rate, tax-exempt permanent loan that is expected to repay the construction financing upon conversion in conjunction with LIHTC equity.
“Gallery at Lummus Parc demonstrates the impact we can achieve when we bring together Greystone’s affordable housing, tax credit equity, and agency financing capabilities under one platform,” said Greg Voyentzie, CEO of GREC. “Working alongside Related Urban and our colleagues across Greystone, we were able to structure a comprehensive financing solution that supports the creation of much-needed affordable and workforce housing in the heart of Miami.”
The development will comprise 257 studio, one-, and two-bedroom apartments. The development will also feature a five-level parking structure as well as resident amenities, including coworking spaces, a health club, a club room, a rooftop pool and deck, lounge and grilling areas, a pickleball court, and an outdoor fitness area.
Approximately 83% of the residences will be subject to income and/or rent restrictions, with affordability levels ranging from 20% to 100% of the area median income. The financing structure incorporates 51 project-based voucher units and six Rental Assistance Demonstration-assisted units.
“Gallery at Lummus Parc reflects Related Urban’s continued commitment to creating high-quality housing that serves residents across a broad range of incomes in Miami,” said Tony Del Pozzo, vice president of finance for Related Urban. “Bringing a development of this scale to fruition requires strong collaboration and a thoughtful capital structure. Greystone’s ability to provide construction financing, LIHTC equity, and a path to long-term Freddie Mac financing was instrumental in moving the project forward.”