Altman Companies Scores $55M Loan For Ludlam Trail Project

Seth Wise, Co-CEO of The Altman Companies, Altís Ludlam Trail

UPDATED June 10, 11:25 am: The Altman Companies have completed a $ 55.4 million construction loan for an apartment project in Ludlam Trail.

Altman Companies have received 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 occupy approximately 2.74 acres of land. The project, known as 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 equity real estate investment firm.

The development group bought the two parcels for Altís Ludlam Trail in 2018 for a total of $ 9 million, records show.

Amenities at the Altís Ludlam Trail include a resort-style rooftop pool, pool deck with gazebos and BBQ facilities, a rooftop clubhouse with a media room, fitness center, and coffee bar. The project will also include a play area, hammock garden, pet spa and bark park adjacent to the new Ludlam Trail. The average unit size according to the publication is 820 square feet.

The project is expected to be completed in 2022.

Adjacent to Altís Ludlam Trail, apartment developer Zom Living and its partners took out a construction loan of USD 57.3 million in May for the first phase of the Group’s 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 the zoning of commercial and residential properties at key intersections along the six-mile Ludlam Trail in early 2019. The trail heads south from Miami International Airport to Dadeland Station.

Altman Companies has designed, built, acquired, and managed over 26,000 apartment blocks in Florida, Michigan, Illinois, Tennessee, Georgia, Texas, and North Carolina since 1968.

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