Omega Real Estate Management has plans to develop The Gardens Residence, a 358-unit mid-rise apartment community with 1,100 square feet of ground-floor retail in North Miami.
Berkadia arranged $100 million in construction financing, provided by Churchill Real Estate.
Located at 1155 Northeast 126th Street, just off the Biscayne Boulevard corridor at the gateway to Bay Harbor Islands and Bal Harbour, The Gardens Residence is the first phase of Omega’s plan to transform seven contiguous acres in North Miami into a live-work-play community called The Gardens District.
The project, which will break ground July 11, was supported by the North Miami CRA, which provided $15 million in subsidies. The project is expected to create an estimated 828 jobs, and 10 percent (38) of the units are set aside for families earning at or below 80 percent of area median income (AMI).
“The principals of Omega each have extensive experience as early investors in some of Miami
