Gardens Residences Closes Record $130M HUD Refi in North Miami

The Gardens Residences, a 358-unit mixed-use complex at 1155 NE 126th St in North Miami, closed a $130 million HUD 223(f) refinance through Dwight Capital in 2026. It is the largest HUD loan ever closed in Florida. The nine-story project was developed by Omega Real Estate Management and designed by Behar Font & Partners.

Announced in 2021 as Eleven55 NoMi with 384 units and an $86 million budget, the final program totals 358 units on a 4.1-acre site. Construction began in 2022 with a $100 million loan from Churchill Real Estate arranged by Berkadia. A $103 million take-out from Affinius Capital and Corebridge Financial followed in 2024.

The property received temporary certificates of occupancy in August and September 2024. It includes 500 parking stalls and 3,000 square feet of commercial space. Amenities include a pool, spa, fitness center, yoga studio, pet spa, lounges, a cafe, bike lockers and EV charging. Ten percent of units are set aside for families earning at or below 80 percent of AMI.