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MIAMI — Greystone has provided and arranged $167 million in construction financing, Low-Income Housing Tax Credit (LIHTC) equity and permanent financing for Gallery at Lummus Parc, a 257-unit mixed-income project in downtown Miami. Locally based Related Urban Development Group is the developer. Construction is underway, and completion is slated for late 2028.
Gallery at Lummus Parc is the 257-unit, 27-story first phase of a planned two-tower, 439-unit development. A second 182-unit tower, Residences at Lummus Parc, is planned as a separate phase. Greystone’s $167 million financing package applies to the 257-unit first phase.
The package includes an $80 million construction loan from a joint venture of Greystone Housing Impact Investors and BlackRock Impact Opportunities Fund, $27.1 million in LIHTC equity and a $60.1 million Freddie Mac permanent loan.
Located at 395 NW 1st St., Gallery at Lummus Parc comprises 257 studio, one- and two-bedroom units, a five-level parking structure, coworking spaces, a fitness center, rooftop pool and deck, grilling areas, pickleball court and an outdoor fitness area.
Approximately 83 percent of the residences will be subject to rent restrictions, with affordability levels ranging from 20 to 100 percent of area median income. The financing structure also incorporates project-based rental assistance units.
