For the second time in less than a month, a Lissette Calderon Allapattah project scored a refinancing.
An affiliate of New York-based Apollo Asset Management provided $84.5 million in financing to Calderon’s Coconut Grove-based Neology Development Group, a press release states. The new mortgage replaces a $78.2 million construction loan for The Julia Residences, a 14-story building with 323 apartments at 1625 Northwest 20th Street in Miami that was completed in May.
The $140 million project is 97 percent occupied, the release states. The Julia features one- and two-bedroom apartments ranging from $2,300 a month to $3,848 a month, according to Apartments.com.
In 2019, a Calderon entity paid $6.4 million for the 1.7-acre site.
The latest loan marks the second Neology project to obtain a refinancing from Apollo. In May, the same lender provided a $54.5 million loan secured by Pier 19 Residences & Marina, a 21-story tower with 199 apartments along the Miami River. The new mortgage replaced a previous $52 million loan.
A few weeks ago, Neology also scored a $63.5 million refinancing for the nearly completed Fourteen Main Street Residences, another multifamily project in Allapattah. Miami Beach-based Starwood Property Trust, led by billionaire Barry Sternlicht, provided the loan that paid off a $57.5 million construction loan.
Consisting of a 14-story tower and a five-story lowrise, Fourteen Main Street is set for completion by the end of the first quarter. The project will have a combined 237 apartments and about 6,000 square feet of ground-floor retail space.
Neology completed its first Allapattah multifamily project, No. 17 Residences, in 2021. The 13-story building has 192 apartments.
Calderon’s firm is plotting a return to the Miami River for its next project. In 2023, Neology paid $32.2 million for a development site at 2301 Northwest 33rd Avenue where she is planning a three-building complex with 1,250 apartments.