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tarwood Property Trust's Barry Sternlicht has provided a $63.5 million bridge loan to Lissette Calderon's Neology Development Group to refinance its nearly completed multifamily project in Miami's Allapattah neighborhood. The loan pays off a previous construction loan from Churchill Real Estate and was arranged by a Berkadia team led by Charles Foschini and Christopher Apone. This deal comes on the heels of last week's 25 basis point interest rate cut by the Federal Reserve.

    Fourteen Main Street Residences, a 237-unit apartment building at 1470 Northwest 36th Street, is nearing completion with temporary certificates of occupancy expected in the first quarter of next year. The project features a mix of one- and two-bedroom units ranging from 500 to 1,000 square feet, with monthly rents starting between $2,152 and $3,081.

    This marks Neology's third multifamily project in Allapattah, following The Julia and No. 17 Residences. The company also owns Pier 19 Residences & Marina along the Miami River, which was refinanced by Apollo Asset Management in May with a $54.5 million fixed-rate loan. Neology acquired the site for $61 million in 2018 after it had previously been a failed condominium project.

    Calderon founded Neology in 2017 and has since expanded its portfolio to include several high-profile projects, including a planned three-building complex along the Miami River with 1,250 apartments.