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**Continua and Oldtown Secure $50M Financing for Miami Multifamily Project**
Continua Developments and Oldtown Capital Partners have secured $50 million in financing for their Urbania NoMi 125 St. project in Miami. The funding includes a $40 million senior loan from First American Bank, along with a $10 million preferred equity investment from Waterton Residential.
The Urbania NoMi is a planned 12-story residential development located on a 1.3-acre site at 1150 Northeast 125th Street. The project will feature 195 multifamily units, with construction having commenced in December. Completion is anticipated by the end of 2026.
Continua and Oldtown Capital acquired the site for $7.59 million in 2022. Continua Developments is the U.S. subsidiary of Constructora Capital, a leading real estate developer based in Colombia.
The development will offer a variety of amenities, including a social lounge, media room, indoor and outdoor fitness facilities, a resort-style pool, a yoga lawn, and summer kitchens. In addition, Urbania NoMi will feature a 256-space parking garage and 11,182 square feet of ground-floor retail space.
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