Horizon Group has successfully secured a $48 million construction loan for their latest mixed-use project in North Miami. The financing was provided by Bank Hapoalim and will be used to develop the Residences at NoMi, a 175-unit complex catering to individuals aged 55 and above. It is worth noting that 40 of these units will have income restrictions.
According to reports from the South Florida Business Journal, Horizon Group acquired the property for $8.5 million in 2022 before filing notice with the county about commencing construction on the Residences at NoMi in June. Telesco Construction Management, based in Miami Shores, has been appointed as general contractor for this project.
This recent development showcases NY-based Horizon Group’s continued success and expertise within the real estate industry as they expand their portfolio into South Florida with this new venture.
