Related Urban Lands $167M for Gallery at Lummus Parc, Downtown Miami

Related Urban Development Group, the affordable-housing arm of The Related Group, has closed roughly $167 million in financing for Gallery at Lummus Parc, a pair of 30- and 27-story towers with 257 apartments at 395 NW 1st St in downtown Miami. Greystone arranged the package, and completion is expected in late 2028.

Why it matters

Downtown Miami land is expensive, and this deal shows how affordable towers get built on it: tax-exempt agency debt plus 4% low-income housing tax credits, all placed by one platform. Greystone says it handled the construction loan, the credit equity and the Freddie Mac take-out. About 83% of the units carry income or rent restrictions, from 20% to 100% of area median income. Greystone Real Estate Capital CEO Greg Voyentzie credits bringing “affordable housing, tax credit equity and Agency financing capabilities under one platform.”

The site sits near Government Center Metrorail and Brightline’s Miami Central station, per Commercial Observer.

The numbers

The Greystone release breaks the package into three pieces:

• $80.0 million construction financing from Greystone Housing Impact Investors and a BlackRock Impact Opportunities Fund joint venture
• $27.1 million of 4% LIHTC equity from Greystone Real Estate Capital
• $60.1 million fixed-rate, tax-exempt Freddie Mac forward commitment for permanent financing

Those pieces add to about $167.2 million. Commercial Observer reports the equity at $27.4 million; we use the release figure. Commercial Observer describes the Freddie Mac loan as repaying construction costs alongside the credit equity.

The unit mix is studios, one-bedrooms and two-bedrooms. The release lists 51 project-based voucher units and 6 RAD-assisted units. Amenities include coworking space, a rooftop pool and a pickleball court.

Our own pull from the county parcel data shows folio 0101100901120 at 395 NW 1 ST as 30,150 square feet of vacant commercial land. The owner of record is Miami-Dade County, with a Public Housing and… second owner line (the field is cut off in the data). We have not seen the land agreement, so we do not describe the ground arrangement.

What’s next

Construction runs toward the late-2028 delivery target. The tax-exempt permanent loan is a forward commitment, so it funds on completion terms rather than now. Developers watching the South Florida affordable pipeline should note the template: bond-style debt, 4% credits and vouchers stacked on public land.