Altman scores $55M construction loan for Ludlam Trail project

June 11, 2020, Author: The Real Deal / Miami Staff

The development will have 312 apartments

The Altman Companies closed on a $55.4 million construction loan for a Ludlam Trail apartment project.

Altman Companies secured the loan from Comerica Bank and IberiaBank to build the 312-unit apartment complex at 7004 Bird Road near the Ludlam Trail Corridor District, according to a press release.

The six-story building will be on about 2.74 acres of land. The project, known as Altís Ludlam Trail, will also have 7,500 square feet of retail space. Altman Companies is developing the property in a partnership with Alex Mantecon from MV Real Estate Holdings and The Mattoni Group, a private equity real estate investment firm.

The development group purchased the two parcels for Altís Ludlam Trail for a combined $9 million in 2018, records show.

Amenities at Altís Ludlam Trail will include a rooftop resort-style pool, a pool deck with pavilions and barbeque grills, a rooftop clubhouse with a media room, fitness center and a coffee bar. The project will also feature a gaming area, a hammock garden, pet spa and bark park adjacent to the new Ludlam Trail. The average unit size will be 820 square feet, according to the release.

The project is expected to be completed in 2022.

Adjacent to Altís Ludlam Trail, apartment developer Zom Living and its partners closed on a $57.3 million construction loan in May for the first phase of the group’s Ludlam Trail project. The developers plan to build 950 apartments and up to 35,000 square feet of retail space.

The Miami-Dade County Commission approved zoning for commercial and residential developments at major intersections along the six-mile Ludlam Trail in early 2019. The trail runs from Miami International Airport south to Dadeland Station.

Altman Companies has developed, constructed, acquired and managed over 26,000 multifamily units in Florida, Michigan, Illinois, Tennessee, Georgia, Texas and North Carolina since 1968, according to the release.