A
developer has secured a $103 million loan for the Gardens Residences apartment project in North Miami, marking another surge in South Florida lending. Omega Real Estate Management obtained the financing, which includes a construction loan refinancing and a bridge loan, for its 358-unit development at 1155 Northeast 126th Street. The floating-rate loan has a two-year term with an option to extend for one year.

    The project, already partially completed, will offer studios, one-bedroom to three-bedroom apartments, with units averaging between 511 square feet and 1,447 square feet. About 36 units will be designated for low-income households earning no more than 80% of the area median income. The Gardens Residences is part of a larger mixed-use project, known as the Gardens District, which will also include office space, a food hub, and other amenities.

    Omega Real Estate Management, led by CEO Sebastien Scemla, has a portfolio of over 1,100 units and another 700 in development. The firm is not alone in targeting North Miami, with several other developers securing approvals for large-scale projects in the area. South Florida construction loans and refinancings have continued to flow despite elevated interest rates, with recent deals including a $172 million loan for an apartment tower in Miami's Edgewater and a $96 million refinancing for an office tower in downtown West Palm Beach.