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SoLeMia Miami secures $101M in financing

Phase 1 of a massive project in North Miami

via Cervera

Oleta Partners LLC, comprised of LeFrak and Turnberry Associates, has secured a $101 million HUD-insured loan from Wells Fargo for the development of two luxury apartment towers, which will form part of the initial phase of SoLēMia Miami, a 183-acre master-planned community in North Miami.

Located east of Biscayne Boulevard and just south of Aventura, the first phase encompasses nearly 400 apartments in two 17-story towers overlooking Oleta State Park, Biscayne Bay, and the Atlantic Ocean in the distance. Amenities include a pool, rooftop deck/sky lounge, community rooms, a business center, a fitness center, and automated package rooms. The residences will reside next to a 10-acre lagoon with beaches other activity areas.

SoLēMia as a whole is planned to tally over 4,300 residential units and a town center, which will include shopping, dining, a hotel, and entertainment venues. The entire project is expected to take to a decade to complete.

Site preparation and infrastructure are nearing completion.