Greystone has provided $167 million total loan package for the development of Gallery at Lummus Parc, a new high-rise multifamily community in Miami, Florida, sponsored by Miami-based Related Urban Development Group (RUDG), part of The Related Group. The transaction was facilitated through a collaboration across Greystone’s affordable housing platform including Greg Voyentzie and Jay Reed of Greystone Real Estate Capital (GREC), Jason Kaye of Greystone Housing Impact Investors LP (GHI), as well as Jeff Englund and Pharrah Jackson of Greystone.
The transaction brings together multiple Greystone platforms to provide financing throughout the development lifecycle. GHI is providing $80.0 million in construction financing through its joint venture with BlackRock Impact Opportunities Fund, while GREC is providing $27.1 million in 4% Low-Income Housing Tax Credit (LIHTC) equity. Greystone also obtained a Freddie Mac forward TEL for a $60.1 million fixed-rate, tax-exempt permanent loan that is expected to repay the construction financing upon conversion in conjunction with LIHTC equity.
Located at 395 Northwest 1st Street in Miami, Gallery at Lummus Parc will comprise 257 residences, including studio, one-bedroom and two-bedroom apartments. The high-rise development will feature a five-level parking structure as well as resident amenities including coworking spaces, a health club, club room, rooftop pool and deck, lounge and grilling areas, pickleball court and outdoor fitness area.
Approximately 83% of the residences will be subject to income and/or rent restrictions, with affordability levels ranging from 20% to 100% of area median income (AMI). The financing structure also incorporates project-based rental assistance, including 51 Project-Based Voucher units and six RAD-assisted units.
“Gallery at Lummus Parc demonstrates the impact we can achieve when we bring together Greystone’s affordable housing, tax credit equity and Agency financing capabilities under one platform,” said Mr. Voyentzie, CEO - GREC. “Working alongside Related Urban and our colleagues across Greystone, we were able to structure a comprehensive financing solution that supports the creation of much-needed affordable and workforce housing in the heart of Miami.”
“Gallery at Lummus Parc reflects Related Urban’s continued commitment to creating high-quality housing that serves residents across a broad range of incomes in Miami,” said Tony Del Pozzo Vice President of Finance for Related Urban. “Bringing a development of this scale to fruition requires strong collaboration and a thoughtful capital structure. Greystone’s ability to provide construction financing, LIHTC equity and a path to long-term Freddie Mac financing was instrumental in moving the project forward.”
“Complex affordable housing developments require multiple sources of capital and close coordination among all parties, and this transaction is a great example of what an integrated approach can accomplish,” said Mr. Englund, Executive Vice President, Greystone. “The Freddie Mac forward commitment provides a clear path to long-term permanent financing while the project moves through construction and toward stabilization.”
Construction is underway and is expected to be completed in late 2028. Upon completion, Gallery at Lummus Parc will benefit from its central Miami location near major public transportation, including the Government Center Metrorail and Metromover station and Brightline’s Miami Central station.