Santander Bank Lends $57M for Initial Phase of Miami MXU

May 13, 2020, Author: Connect CRE

Ludlam Trail Phase I LLC, a joint venture between ZOM Living, Scout Capital and Mattoni Group secured a $57.33 million construction loan for the initial phase of mixed-use 965-unit apartment and retail project in south Miami-Dade County. The Santander Bank loan funds the first 338 apartments and ground-floor retail space.

The full build-out of the project will include 28,000 square feet of retail. The developers plan to complete the first phase of the project in early 2020.

The developer says its mixed-use project will be fully developed over three phases, and is envisioned to meet significant residential demand in the growing Bird-Ludlam neighborhood. As part of this first phase, the developer will be completing a critical, half-mile segment of the Ludlam Trail just south of Bird Road, transforming an inactive railroad right-of-way into the cornerstone of this highly-anticipated linear park.

The site is along the 5.6-mile Ludlam Trail linear park, a former railway corridor that Miami-Dade County bought and is converting into a linear park.