WELLS FARGO PROVIDES FINANCING FOR SOLĒMIA MIAMI, A MIXED-USE COMMUNITYSeptember 26, 2017
MIAMI, September 21, 2017 –Wells Fargo & Company (NYSE: WFC) announced today it has made a $101 million HUD-insured loan to SM Multifamily LLC for the development of two luxury residential rental towers, which will form part of the first phase of the development of SoLēMia Miami in North Miami, Florida. SoLēMia is a 183-acre, master planned community being developed by Oleta Partners LLC, a joint venture between LeFrak and Turnberry Associates.
Located on the east side of Biscayne Boulevard, just south of Aventura on one of the largest remaining undeveloped parcels in South Florida, the first phase of SoLēMia will offer nearly 400 units of market rate apartments in two 17-story high rise towers with an attached parking garage. It was designed to achieve the National Green Building Standard designation NGBS Bronze. The project will feature views of the adjacent Oleta State Park as well as Biscayne Bay, the Atlantic Ocean, and the City of Miami. The buildings will also incorporate a multitude of amenities including a swimming pool and roof deck/sky lounge, community rooms, business center, fitness center, and automated package rooms. The residences will sit adjacent to a 10-acre lagoon with beaches and other recreational areas, which will form a centerpiece for the first phase of the residential development.
When SoLēMia Miami is fully realized it will include over 4,300 residential units and, in addition to the lagoon and abundant green space and recreational opportunities, will also incorporate a town center, including shops, restaurants, a hotel, and entertainment venues. Designed to promote a strong pedestrian culture, SoLēMia’s Main Street will feature lifestyle outdoor shopping, dining experiences ranging from artisan food stands and farmers markets to chef-driven restaurants, as well as entertainment venues. Site preparation is ongoing and infrastructure work, including construction of major streets and walkways, are almost complete.
“It is a pleasure to be part of this important development through our work with long-time clients, LeFrak and Turnberry Associates,” said Alan Wiener, head of Wells Fargo Multifamily Capital. “This initial residential project will jump start an important mixed-use development, which will generate sustained long-term economic development in Miami for many years to come.”
Richard LeFrak, Chairman and CEO of LeFrak commented, “Both LeFrak and Turnberry Associates are committed to making SoLēMia Miami a truly innovative community that will transform and enrich the City of North Miami and Miami-Dade County, carrying on a decades-long tradition for both companies.”
Added Turnberry Associates Co-Chairman and CEO Jeff Soffer, “These luxury residential rental towers are the first phase of an important project that will bring opportunity, vibrancy and economic growth to the area. Our joint venture provides internal capacity from two multigenerational developers with long traditions of success.”
Wells Fargo was pleased to work with the Atlanta, Jacksonville, and Washington, DC offices of the U.S. Department of Housing and Urban Development to obtain their commitment to insure the $101MM integrated construction and permanent loan.