Related Urban Development Secures $167 Million for Miami Affordable Housing Towers

Related Urban Development Group has secured $167 million in construction financing through Greystone’s affordable housing lending platform for its Gallery at Lummus Parc project in Miami. The comprehensive deal includes an $80 million construction loan from Greystone Housing Impact Investors, in a joint venture with BlackRock Impact Opportunities Fund, and $27.4 million in 4 percent Low-Income Housing Tax Credits (LIHTC) from Greystone Real Estate Capital.

Located at 395 Northwest First Street, the development will feature two interconnected towers of 30 and 27 stories, comprising 257 apartments. A substantial 83 percent of these units are designated as affordable housing, catering to income levels ranging from 20 percent to 100 percent of the area median income. The financing structure also incorporates a Freddie Mac forward tax-exempt loan, providing a pathway to long-term permanent financing. Construction is slated for completion in late 2028, with the project offering amenities such as coworking spaces, a health club, and a rooftop pool, alongside convenient access to public transportation.