$101 Million Wells Fargo Loan Funds North Miami's SoLeMia Apartments
The loan is for construction of two 17-story apartment buildings as part of the much larger SoLeMia Miami project.
September 22, 2017 at 02:00 PM
2 minute read
SoLeMia Miami — a North Miami development that's set to include residences, restaurants, shops and hotel — is a step closer to fruition after Wells Fargo & Co. issued a $101 million loan for part of the first phase.
The loan to Aventura-based SM Multifamily LLC is for construction of two 17-story apartment buildings with nearly 400 units combined, an attached parking garage and a multitude of amenities that will be built into the towers.
The U.S. Department of Housing and Urban Development insured the loan, allowing Wells Fargo to provide a low interest rate, said Cathy Pharis, managing director of Wells Fargo Multifamily Capital.
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