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imco secured a $228 million financing package to develop a 114-unit luxury apartment tower in Miami's Edgewater neighborhood. The Denver-based real estate investment trust partnered with Apollo Global Management and Sixth Street, receiving a $172 million senior construction loan from Apollo and $56 million in preferred equity from Sixth Street. Aimco plans to build the 38-story project on a 1.1-acre site at 560-640 Northeast 34th Street, which will feature about 7,000 square feet of ground-floor retail and apartments averaging 2,500 square feet.

    The project has undergone changes since its initial proposal in 2022, when Aimco sought to build a 60-story tower with 241 units. However, the Miami Urban Development Review Board rejected the plan due to design issues. After facing opposition from nearby condominium associations, Aimco reduced the project size to 38 stories and 114 units.

    Aimco has been actively investing in South Florida, particularly in Miami-Dade and Broward counties. The company is seeking to cash out of some of its holdings, including listing its Brickell Bay Office Tower and Yacht Club Apartments for $650 million. Aimco also plans to list the Hamilton apartment tower for an undisclosed price.

    In addition to its Edgewater project, Aimco has several other developments in the works, including a 204-unit project at 510-532 Northeast 34th Street and a joint venture with a partner on a 650-unit apartment project at 3333 Biscayne Boulevard. The company is also partnering with Kushner Companies on a residential project in Fort Lauderdale.

    South Florida's apartment and condo construction lending has continued, despite economic headwinds. Recent deals include Related Group and Integra Investments securing a $527 million loan to build the St. Regis Residences, Miami, and 13th Floor Investments scoring an $83 million construction loan for the Parks at Hallandale apartment complex.