Waterton, a national real estate investor and operator, announced a $10 million preferred equity investment for the development of the URBANIA Nomi, a 12-story, 195-unit, wrap-style apartment building located on a 1.3-acre site at 1150 NE 125th Street in North Miami, Florida.
The investment was arranged by Madison Capital Partners while First American Bank provided a $40 million Senior Loan. The project has a total capitalization of $85.0 million.
The sponsors, Miami beach-based Old Town Capital Partners, with a $270 million pipeline, and Continua Development, the US subsidiary of Constructora Capital, the 2nd largest developer in Colombia, began construction in December 2024 and the project is expected to be completed in Q4 2026.
“With our established reputation as a multifamily sector specialist, we are proud to provide this gap financing to the experienced sponsor group developing URBANIA NoMi,” said Steve Carlson, executive vice president, capital markets at Waterton. “Upon completion, the project will provide much needed housing in a centrally located South Florida market.”
North Miami is located midway between Miami and Ft. Lauderdale and adjacent to the Golden Glades Interchange where I-95, Florida’s Turnpike, and the Palmetto Expressway meet. Known as the “Crossroads of South Florida,” the central location and convenient access to transportation and job nodes has made North Miami one of South Florida’s most popular sites for office users. Recreational opportunities abound in the area with numerous parks, beaches, and bays, along with a wide assortment of retail, dining and entertainment options.
Waterton invests in debt opportunities throughout the capital stack including U.S. agency mortgage backed securities investments and as a direct lender and preferred equity provider for construction and transitional/stabilizing multifamily projects throughout the U.S. As of June 30, 2025, Waterton has invested over $830 million in agency securities and over $220 million as a direct lender and preferred equity provider for ground up construction, value add/repositioning and stabilizing or interest rate-driven rescue capital across Class A and B multifamily properties in markets across the country.
