Continua, SP score $58M loan for North Miami apartments as rents fall

Developers of a North Miami apartment project scored a $57.8 million construction loan as Miami-Dade County’s multifamily pipeline chugs along despite a slowdown in leasing activity.  Continua Developments, led by principals Felipe, Enrique and Pablo Echeverri, and SP Developments, led by Daniel Jaramillo, obtained an Abanca USA mortgage for Urbania NoMi 6ave, a 12-story project with 240 apartments and roughly 20,000 square feet of ground-floor retail that started construction in December, the South Florida Business Journal reported.  The joint venture assembled the site at 12830 Northeast Sixth Avenue in 2022, paying $6.9 million. Continua, the U.S. arm of Colombia-based Constructora […]This article originally appeared on The Real Deal. Click here to read the full story.