Charles Foschini and Christopher Apone. Courtesy photos

Developer Lissette Calderon is known for jump starting growth in budding Miami neighborhoods, so it’s no surprise she’s investing in Allapattah.

Calderon, who is building two apartment projects there, secured a $24.4 million construction loan for one of them with help from Berkadia.

Allapattah 17 will be a 14-story, 192-unit building west of the Civic Center at 1569-1652 NW 17th Ave. in a diverse area known as Little Santo Domingo for its residents with roots in the Dominican Republic.

Berkadia senior managing director Charles Foschini, managing director Chris Apone, senior analyst Lourdes Carranza-Alvarez and analyst Shannon Wilson, all based in Miami, closed the transaction Aug. 7 for Calderon’s Neology Life Development Group.

Specialty finance company MidCap Financial LLC, based in Bethesda, Maryland, provided the three-year, nonrecourse, floating-rate loan with an optional one-year extension.

The total construction cost wasn’t released.

“Investments are underway to enhance the neighborhood, including the thoughtfully designed Allapattah 17 that will meet Miami’s growing demand for attainable luxury housing,” Calderon said by email.

With Miami’s rising housing costs, the project is being marketed as “attainable.” But rents and the term “attainably priced,” which is used in marketing materials, were not released.

In the booming real estate market, Miami developers are seeking untapped neighborhoods, many of which have character and a rich history. Allapattah, known for its textile shops and open-air produce markets, seems like the next one pegged for redevelopment .

The Miami City Commission in April approved the Miami Produce Center for 8.25 acres bounded by Northwest 22nd and 21st streets and 13th and 12th avenues. It will include hotels, residences, offices and educational space.

Berkadia’s Foschini noted a healthy appetite in Miami for quality, competitively priced apartments.

“While the perception of overbuilding is high in Miami, the reality is that most of our community is underserved for quality rental housing that works within our community’s average level of employment,” he said in a news release.

Architectural firm Behar Font & Partners, based in Coral Gables, designed Allapattah 17.

Calderon’s other Allapattah project will be the 12-story, 323-unit residential tower 16 Allapattah at 1625 NW 20th St. It also will have 13,133 square feet of retail and a 336-space parking garage.

A rendering of developer Lissette Calderon’s 14-story apartment tower to rise in Miami’s Allapattah.

Calderon has opted to build in emerging neighborhoods since the early 2000s when she focused on the Miami River District. The three condominium towers she developed are NeoLofts, Neo Vertika and Wind by Neo.

Calderon also is a trailblazer for women in a male-dominated field. Her resume includes two stints of working for the prolific developer The Related Group, most recently leading the international and strategic projects division before leaving to start Neology Life Development.

She founded the development company specifically to invest in emerging neighborhoods. Neology’s first project was the acquisition and renovation of Pier 19 Residences & Marina in the Miami River District.

The 13,875-square-foot, 20-story, 199-unit apartment tower was renamed Pier 19 from River Oaks Marina & Tower as part of a rebranding effort. Improvements to the tower at 1951 NW South River Drive include unit renovations, poolside cabanas and a new marina.

Related stories: 

Berkadia Plays Role in Pioneer Miami River Developer Lissette Calderon’s Return to Area

Miami Produce Center Promises to Transform, Likely Gentrify Allapattah