Zom Living, partners score $57M loan for Ludlam Trail project

May 05, 2020, Author: By Katherine Kallergis, The Real Deal

First phase will have 338 apartments, retail space

Zom Living and its partners closed on a $57.3 million construction loan for the first phase of their Ludlam Trail project in Miami-Dade County.

Property records show Ludlam Trail Phase I LLC secured the loan from Santander Bank at the end of April, amid the pandemic. Orlando-based Zom, a multifamily developer, is partnering with Scout Capital and Mattoni Group on the three-phased mixed-use development at Ludlam, just south of Bird Road.

The developers plan to build 950 apartments and up to 35,000 square feet of retail space. The first phase will have 338 apartments and about one-third of the retail space. It’s expected to be delivered in early 2022, said Greg West, CEO of Zom Living, in a statement.

The county is also planning to build a park at Ludlam Trail and Bird Road.

Florida East Coast Industries, which Signorello previously led as CEO, sold the land to the partnership last year for $36 million.

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.