City Council Approves Amber Gardens Refinancing Ahead of Mortgage Maturity

The City of Miami held a regular meeting on July 29, 2025, focusing on key developments and financial decisions impacting local projects. The agenda included discussions on refinancing a mortgage and the approval of a new residential construction project.

The meeting commenced with a discussion regarding the refinancing of an existing first mortgage from NLP, which is set to mature in September. The urgency of this refinancing was emphasized, as it is crucial for the financial stability of the property involved. A representative confirmed that the property in question consists of 110 units, prompting a motion to accept the staff's recommendation regarding the refinancing for Amber Gardens. The motion received unanimous support from the attendees.

Following this, the meeting transitioned to the Gallery at Loomis Park project. This initiative, led by Gallery at Loomis Park, LLC, aims to construct a 28-story mixed-income residential rental building located at 395 North Mesmer Street in the downtown area. Mr. Albert Milo, Jr. was identified as a principal of the parent company overseeing this development.

The meeting concluded with a clear direction towards advancing these projects, highlighting the City of Miami's commitment to enhancing its residential offerings and addressing financial obligations effectively. Further updates on these initiatives are anticipated as the projects progress.