SoLeMia Lands A $101 Million Loan From Wells FargoSeptember 29, 2017
By: Ismael Rodriguez
Miami-based developers received a $101 loan from Wells Fargo & Company to move forward with an ongoing project to turn one of the largest remaining parcels of land in North Miami into a master-planned community.
SM Multifamily, the developer of two luxury, 17-story residential towers with a total of 400 units and attached parking garage, received a $101 million HUD-insured loan from Wells Fargo to begin construction.
The two towers are part of the first phase of SoLeMia Miami, the 183-acre community being developed in North Miami by Oleta Partners LLC, a joint venture between Turnberry Associates and LeFrak.
“It is a pleasure to be part of this important development through our work with long-time clients, LeFrak and Turnberry Associates,” Alan Wiener, head of Wells Fargo Multifamily Capital, told the press in a statement. “This initial residential project will jump start an important mixed-use development, which will generate sustained long-term economic development in Miami for many years to come.”
The land, formerly known as Biscayne Landing, has been a target for developers since the 1960s, but all attempts to build on the site have failed. Previous plans have included an amusement park and indoor ski resort. Then from 1975 to 1981, the site was used as a municipal landfill. Oleta Partnets bought the property in 2015.
SoLeMia is expected to include more than 4,300 residential units, a hotel, a 10-acre lagoon, beaches, shops and restaurants.
“These luxury residential rental towers are the first phase of an important project that will bring opportunity, vibrancy and economic growth to the area,” Turnberry Associates co-chairman and CEO Jeff Soffer told the press in a statement.
The project will take 15 years and two development cycles to fully be completed.