Resia receives a $71 million construction loan from Regions Bank

Resia has awarded a $71 million construction loan for a 420-unit apartment complex in Golden Glades as South Florida continues to brave the nationwide financial crisis.

The development company plans four five-story buildings and a 705-space garage on a 7.1-acre site between Northwest 159th Street and Northwest 161st Street, immediately east of I-95 in unincorporated Miami-Dade County, according to county records . Birmingham, Alabama-based Regions Bank provided the construction loan.

According to a commencement notice, Resia started construction this month.

The project would consist of one- to three-bedroom apartments ranging from 623 square feet to 1,079 square feet. Resia will reserve 84 units as workforce housing for households earning no more than 140 percent of the region’s average income.

At Miami-Dade’s annual AMI of $79,400, a household of four cannot earn more than $158,900 a year to qualify for a workforce at the project, according to data from the Florida Housing Finance Corporation.

Resia, based in the unincorporated Three Lakes neighborhood of Miami-Dade, purchased the development site in 2021 for $12 million, according to records. It is located just south of the Golden Glades Interchange.

The multifamily development and management company is led by CEO Ernesto Lopes. Resia, previously called AHS Residential, is a subsidiary of the Brazilian listed housing and real estate company MRV.

In August, Resia sold the 288-unit Pine Ridge apartment complex at 6200 Wallis Road near West Palm Beach to Harbor Group International for $75 million. Also last year, the company submitted a proposal for a 948-job apartment complex with four 12-story buildings at 7701 Northwest 79th Avenue in Medley. The project would take advantage of Florida’s Live Local Act, legislation passed last year that allows developers large tax breaks and leeway on local zoning laws in exchange for building affordable units and a workforce.

Nationally, the credit market has tightened as banks have become more skittish and higher interest rates have made debt more expensive. South Florida has bucked the trend, with construction financing still pouring in. This month, ROVR Development awarded a $66 million loan to build the eight-story, 300-unit Tides apartment complex at 2750 Northwest South River Drive in Miami. Kayne Anderson, a Los Angeles-based investment manager, is the lender.
Much of the lending activity was focused on the luxury apartment market. Last month, the Pérez family’s Related Group, David Edelstein’s Tricap and Alex Karakhanian’s Lndmrk Development secured a $141.5 million construction financing package for their nine-story, 329-unit NoMad Residences Wynwood condo at 2700 Northwest Second Avenue in Miami . Beverly Hills-based Kennedy Wilson provided $90 million in senior debt, and Related Fund Management provided a $51.5 million mezzanine loan.