Omega Nabs construction loan for North Miami apartments

From left to right: Sébastien Scemla and Juan Carlos Lago of Omega Real Estate with The Gardens Residence project (Behar Font & Partners, Omega Real Estate)

Omega Real Estate Management has secured a $100 million construction loan for the multi-family portion of its planned mixed-use The Gardens District project in North Miami.

The nine-story building, called The Gardens Residence, will have 358 units and 1,100 square feet of ground-floor retail at 1155 Northeast 126th Street, according to a press release from Berkadia, which guaranteed the loan.

Charles Foschini and Christopher Apone of Berkadia’s Miami office represented Omega. New York-based Churchill Real Estate is the lender, with Jeff Rosenfeld and Sean Robertson of the company handling the loan.

It is a two-year variable rate financing, with two one-year extension options and interest only for the entire term, including extensions, the statement said. Additionally, the North Miami Community Redevelopment Agency provided $15 million in project grants.

The apartment building will offer studios, as well as one- to three-bedroom apartments, averaging 511 square feet to 1,270 square feet. The project will include a portion of workforce housing, as 10% of the units will be for households earning 80% or less of the region’s median income.

The Gardens residence will include a 528-space garage, with unit and common space amenities such as stainless steel appliances and floor-to-ceiling windows, a rooftop swimming pool, outdoor patio cafe and public sculpture, according to the press release.

Construction is expected to begin next week and is expected to be completed by late spring 2024, the statement said.

Follow-on phases of the larger mixed-use neighborhood will include a 28,000 square foot The Gardens Corporate office building; an 8,000 square foot The Creative Center office building; and a 12,000 square foot The Hall, with a gourmet deli and four restaurants. They will all be built at 1075, 1111 and 1125 Northeast 125th Street, according to the release.

Behar Font & Partners is the architect.

Omega Real Estate, led by CEO Sebastien Scemla, is primarily focused on downtown North Miami, according to the company’s website.

The company assembled the 7-acre property for The Gardens District in multiple transactions, paying $5.8 million for the 4-acre multi-family development site in 2018, according to Scemla and property records. Omega, through affiliates, purchased the remainder of the property for offices and The Hall for nearly $11 million, combined, in multiple transactions this year and last year, records show.

Before forming Omega in 2018, Scemla was involved in real estate in Miami’s red light neighborhoods of Wynwood and Little Haiti and also assembled properties in the Miami Design District which he later sold to Craig Robins’ Dacra, according to the Omega website.

The Gardens District is the latest planned development in an area of ​​North Miami that has caught the eye of investors and is set for rapid redevelopment. The development is planned a few blocks west of a proposed Brightline commuter rail stop.

Further west, Strategic Properties and project partners Francis Jacob and Jacob Nae want to build an approximately 12-story, 220-unit apartment project on the site of the Church of Evangelical God at 12830 Northeast Sixth Avenue and the neighboring house at 575 Northeast 127th Street.

Even further west, Marcelo Tenenbaum and Jorge Savloff’s Blue Road are planning a 20-story, 139-unit multi-family development along Northwest Seventh Avenue.

One of North Miami’s largest projects is LeFrak’s 184-acre, $4 billion Turnberry Development and SoLé Mia which includes a Costco, Crystal Lagoon and several apartment towers. Turnberry, led by Jackie Soffer, and LeFrak are teaming up with Carlos Rosso on the next part of SoLé Miami, the 32-story One Park Tower condominium.

About Gene Schafer

Check Also

Viewpoints: Low-income residents need more market-priced apartments

“Viewpoints” is a place on Chapelboro where locals are encouraged to share their unique perspectives …