Lissette Calderon’s third Allapattah project scores $58M loan

Source: The Real Deal

Lissette Calderon’s third apartment project in Miami’s Allapattah neighborhood nabbed $57.5 million in construction financing.

Churchill Real Estate provided the loan for Fourteen Residences Allapattah, a twobuilding complex with 237 units planned for 1470 Northwest 36th Street, according to a press release. Berkadia’s Charles Foschini and Chris Apone led a team that arranged the financing on behalf of Calderon’s Neology Life Development Group.

In 2020, a Neology affiliate paid $3.6 million for a contiguous assemblage of five properties, records show. Warehouses on three of the parcels will be demolished to make way for the new apartment development. Fourteen Residences will entail a 14-story building with 180 units and a five-story building with 57 units, the release states. Connected via a pool deck, the buildings will have a mix of studio, one- and twobedroom units ranging from 450 square feet to 900 square feet.

Scheduled for completion in early 2024, Fourteen Residences is also in an Opportunity Zone, federally designated areas where investors can receive tax breaks on their capital gains by reinvesting in development projects in underserved neighborhoods.

Calderon, who launched a promotional Allapattah-centric lifestyle magazine in April, has two other projects in the burgeoning neighborhood. Last year, Neology completed No. 17 Residences, a 13-story building with 192 apartments at 1569 Northwest 17th Avenue. The property is fully leased, the release states.

In October, Calderon’s firm landed a $78.2 million construction loan to build The Julia, a 14-story, 323-unit apartment project at 1625 Northwest 20th Street.

Calderon is among Miami’s leading female developers. In the early 2000s, she developed several condominium projects along the Miami River, including Neo Lofts, Neo Vertika and Wind by Neo. She also did two tours with the Related Group, where she was the firm’s first female president of international and strategic projects during her second stint with the company from 2014 to 2016.

After leaving Related the second time, Calderon made another real estate comeback through Neology in 2018 when she bought the River Oaks Tower & Marina on the Miami River for about $61 million. She converted the building into the luxury apartment tower, Pier 19 Residences & Marina.

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