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Related affiliate secures $167M financing for Miami apartment project
The deal includes $80.0 million in construction financing via a joint venture with BlackRock Impact Opportunities Fund, plus a $60.1 million Freddie Mac forward TEL fixed-rate permanent loan.
Related Urban Development Group, part of The Related Group, has signed a $167 million financing package for the Gallery at Lummus Parc in Miami, according to ConnectCRE. Greystone provided the financing for the project.
ConnectCRE reports that the financing includes $80.0 million in construction funding from Related Urban Development Group’s joint venture with BlackRock Impact Opportunities Fund. It also includes $27.1 million in 4% Low-Income Housing Tax Credit equity provided through Greystone Real Estate Capital.
ConnectCRE also said Greystone obtained a Freddie Mac forward TEL for a $60.1 million fixed-rate, tax-exempt permanent loan for the development. The project is located at 395 Northwest 1st Str, ConnectCRE reported.