MIAMI – Neology Development Group (NDG), a lifestyle-driven, vertically integrated residential and commercial real estate firm, is pleased to announce the closing of a $63.5 million bridge loan from Starwood Property Trust to pay off the construction loan for Fourteen Main Street Residences, located at 1470 NW 36th St, Miami, FL.
The $57.5M construction loan originally provided by Churchill was a pivotal factor for the successful development of Neology’s third project in the evolving Allapattah neighborhood.
“As we begin a new partnership with Starwood Property Trust, we are excited about the potential for this to be the first of many fruitful collaborations between our two organizations,” said Lissette M. Calderon, Founder and CEO of Neology Development Group. “The project's successful loan payoff with Starwood Property Trust underscores Neology's financial strength and commitment to delivering high-quality, attainable urban living spaces accessible to working professionals and families in South Florida.”
The 14-story mixed-use development features 237 apartment units across both buildings, a Highrise and Midrise tower. Ground retail space spans between 1,450-4,600 square feet. The Highrise tower tops out at 14 stories with 180 apartment units and the Midrise tower is 5 stories high with 57 sophisticatedly designed residential units. The project is now preleasing. It is on track to achieve its Temporary Certificate of Occupancy (TCO) in Q1 2025. As the project nears completion, NDG remains committed to delivering on its promise of excellence and curating lifestyle communities.
The project offers studio, one- and two-bedroom units ranging from 450 to 1,000 square feet, with balconies on select units, floor-to-ceiling windows with views of Miami’s downtown skyline and Florida’s native tree canopies. Apartments feature European-inspired cabinetry, quartz countertops, energy-efficient kitchen appliances, in-unit washers and dryers, and smart home technology adaptors. Lifestyle amenities will include curated original artwork, a multipurpose lobby, a 12,000 square foot rooftop pool and clubhouse, poolside cabanas, coworking spaces, an outdoor movie screen, a fitness and wellness center, with a yoga and cardio studio, dog park with dog wash area, bike storage, smart package lockers, and a parking garage with electric car charging stations as well as a ride share lobby.
Located on NW 36th Street, within walking distance from the Allapattah Metrorail Station, just five minutes west of Wynwood, five minutes north of Miami’s Health District and ten minutes east of the Miami International Airport, Fourteen Main Street Residences is within a federally designated Opportunity Zone-and on the other side of the causeway of Mid-Beach, offering seamless access to the city and its attractions.
Neology’s current ownership portfolio consists of over 1,000 apartments completed, owned, and managed in Miami’s urban core, another 1,345 units in the permitting or predevelopment phase, and a pipeline of 3,155 additional units in South Florida, in addition to building and selling over 2,000 condominium units.
