Related Urban Development Group, an affiliate of The Related Group, has secured a $167 million financing package for the Gallery at Lummus Parc, a planned multifamily community in Miami. The financing will support construction of the residential project at 395 Northwest 1st Street, where work is already underway.
Greystone is providing the financing for the transaction through several of its platforms. The Greystone team on the deal includes Greg Voyentzie and Jay Reed of Greystone Real Estate Capital, Jason Kaye of Greystone Housing Impact Investors LP, and Jeff Englund and Pharrah Jackson of Greystone. Together, these groups assembled a combination of construction debt, tax credit equity, and a forward permanent loan commitment.
Greystone Housing Impact Investors LP is supplying $80 million in construction financing via its joint venture with BlackRock Impact Opportunities Fund. In addition, Greystone Real Estate Capital is contributing $27.1 million in 4% Low-Income Housing Tax Credit equity, bringing a significant affordable housing capital component into the capital stack. Greystone also arranged a Freddie Mac forward TEL for a $60.1 million fixed-rate, tax-exempt permanent loan that is expected to take out the construction financing upon stabilization, completing the long-term debt structure for the project.
Upon completion, Gallery at Lummus Parc is planned to include 257 residential units with a range of amenities for residents. According to the parties, approximately 83% of the residences will be subject to income and/or rent restrictions, positioning the development as a largely income-restricted community within Miami. The combination of LIHTC equity and tax-exempt permanent debt aligns the project with affordable and workforce housing objectives.
Construction on Gallery at Lummus Parc is currently in progress and is expected to be completed in late 2028. The project reflects the use of multiple specialized capital sources to finance income-restricted multifamily development at scale, combining construction financing, LIHTC equity, and agency-backed permanent debt into a single, fully structured package.
