Altman Companies Secures $ 55 Million Loan for Ludlam Trail Project
UPDATE, June 10, 11:25 am: The Altman Companies have entered into a $ 55.4 million construction loan for a Ludlam Trail apartment project.
Altman Companies has secured the loan from Comerica Bank and IberiaBank to build the 312-unit apartment complex at 7004 Bird Road, near the Ludlam Trail Corridor district, according to a press release.
The six-story building will be on approximately 2.74 acres of land. The project, known as the Altís Ludlam Trail, will also have 7,500 square feet of retail space. Altman Companies is developing the property in partnership with Alex Mantecon of MV Real Estate Holdings and The Mattoni Group, a private real estate investment company.
The development group purchased the two plots for Altís Ludlam Trail for a combined $ 9 million in 2018, according to the records.
Facilities at Altís Ludlam Trail will include a resort-style rooftop swimming pool, terrace with pavilions and barbecue grills, a rooftop pavilion with media room, fitness center and café bar. The project will also include a playground, hammock garden, pet spa and bark park adjacent to the new Ludlam Trail. The average unit size will be 820 square feet, the statement said.
The project is expected to be completed in 2022.
Adjacent to Altís Ludlam Trail, apartment developer Zom Living and its partners have closed on a $ 57.3 million construction loan in May for the first phase of the group Ludlam Trail Project. The developers plan to build 950 apartments and up to 35,000 square feet of retail space.
The Miami-Dade County Commission approved zoning for commercial and residential developments at major intersections along the six mile Ludlam Trail in early 2019. The trail runs from Miami International Airport in the south to Dadeland Station.
Altman Companies has developed, built, acquired and managed more than 26,000 multi-family units in Florida, Michigan, Illinois, Tennessee, Georgia, Texas and North Carolina since 1968, according to the release.