One Bank, Two Jobs
Wells Fargo holds the construction loan on The Residences Claude Pepper and bought the tax credits. Related Urban disclosed a construction loan of up to $127 million with the June 2026 closing. The published record carries no rate, no term and no maturity date for that loan.
The tower rises 15 stories at 702 NW 18th Terrace in Allapattah, on the east edge of the Health District, with 312,992 square feet across one- and two-bedroom homes. Related Urban Development Group develops. CFE Architects designed it. Miami-Dade County owns the ground on a 99-year lease.
The Rest of the Stack Sits Outside the Bank
The developer names four instruments against a cost near $200 million. Florida Housing Multifamily Mortgage Revenue Bonds supply $107 million. Four percent Low-Income Housing Tax Credit equity from Wells Fargo supplies about $74 million. A State Apartment Incentive Loan from the Florida Housing Finance Corporation adds $3 million. A subordinated sponsor loan from RUDG Investor LLC adds $3 million.
Those four items total $187 million. The published stack therefore leaves $13 million of the roughly $200 million cost unaccounted. No source names a deferred developer fee, a county cash contribution or a gap lender. Ask for the sources and uses statement before treating the capital plan as closed.
Seventeen Months From Application to Shovel
The first filing landed on 21 January 2025 with about 398 apartments. Groundbreaking came in June 2026 at 702 NW 18th Terrace, on 2.86 acres, at 15 stories and 428 apartments.
Seventeen months separate those two events, and the unit count rose by 30. No published document reconciles the two filings, so read them as a sequence of two proposals.
What the Statute Asks in Return
Florida approved the Live Local Act in 2023 and amended it in 2024. A project qualifies with at least 40 percent of its units reserved for households earning up to 120 percent of area median income. Those units stay income-restricted for at least 30 years. Qualifying projects receive height and density bonuses and tax relief. Where every unit sits below market rent, the owner can claim up to a 100 percent property tax exemption.
This tower clears the 40 percent threshold on the whole building. All 428 apartments are restricted. Miami-Dade’s median household income stood at $87,200 when Florida YIMBY published its June 2026 report. On that base, 120 percent of median is $104,640 and 60 percent is $52,320.
Fifteen Stories on Two Point Eight Six Acres
The parcel works out to about 150 apartments an acre. The January 2025 filing on 3 acres worked out to about 133. Rentable area divides to 731 square feet per apartment. Four hundred ten covered parking spaces divide to 0.96 per home. A 4,400-square-foot community center, a fitness room, a co-working lab and a pool deck fill the ground floor.
The Cost Per Home the Debt Implies
Divide the $200 million cost by 428 apartments and each home costs $467,290. Divide the $187 million of committed capital and each home carries $436,916. The construction loan works out to $296,729 per apartment. Publish the divisor beside every figure, because a per-home cost moves with the unit count.
What the File Still Owes a Lender
Five items stay out of every public read. The construction-to-permanent conversion terms. Any interest rate on the loan. Any bond maturity. The rent schedule by income band. The unit count inside each band, since the release publishes only a weighted average near 60 percent of median.
Related Urban said the tower also follows its 350-unit Gallery at SoMi Parc in South Miami. That template gives a lender a second set of terms to compare. The conversion terms on this one will decide what the asset costs to hold from September 2028 onward.