The Altman Companies, a nationally recognized developer, builder, and manager of exceptional rental apartment communities in partnership with The Mattoni Group and Alex Mantecon from MV Real Estate Holdings, announced today that it has closed on its construction loan for their newest development, Altís Ludlam Trail. Comerica Bank was the lead provider of the loan with Iberia Bank as a participating partner.
Located at the newly created Bird Road development area of the Ludlam Trail Corridor District, Altís Ludlam Trail will consist of 312 ultra-luxe apartments with an average unit size of 820-square feet and is set on approximately 2.74-acres of land. The property will be developed in partnership with The Altman Companies, MV Real Estate Holdings and The Mattoni Group, a private equity real estate investment firm that specializes in placing equity and debt with experienced operating and development partners working on transformative projects.
“We are grateful to our Altman Team, our lenders and equity investors that allowed us to close on this transaction in the midst of the Covid-19 pandemic,” said Seth Wise, Co-CEO of The Altman Companies. “We will immediately start construction and look forward to bringing an exceptional living experience to this suburban area of Miami-Dade.”
Residents of Altís Ludlam Trail will enjoy Class-A amenities including a rooftop resort-style pool, a pool deck with pavilions and BBQ grills, a rooftop clubhouse with a media room, fitness center and a coffee bar. The community will also feature workspace stations equipped with high-speed internet access, a synthetic turf gaming area, a hammock garden, pet spa and bark park immediately adjacent to the new Ludlam Trail with ample bicycle storage and fix-it station.
Altís Ludlam Trail will be a mixed use, six-story building located in proximity to the 7,500-square feet of retail space facing the well-travelled Bird Road. It will be located less than a mile from the Palmetto Expressway, two miles from the University of Miami and three miles from Coral Gables.
The Ludlam Trail is a former railway corridor that Miami-Dade County is converting into a linear park. The 6-mile stretch of abandoned rail corridor, formerly known as the Miami Beltline, runs next to four public schools, through densely populated neighborhoods, weaving together a network of assets into an interconnected civic realm binding together many different public places and amenities.
Altís Ludlam Trail is set to be completed in 2022.