Estate Companies landed a $110 million refinancing for its completed North Miami Beach apartment tower.
Los Angeles-based Ares Management provided the refinancing for the 23-story Soleste NoMi Beach tower at 16395 Biscayne Boulevard, according to a news release from Estate’s broker. The loan has a floating interest rate.
Brian Gaswirth and Paul Adams were part of the JLL team that represented Estate.
Estate, a prolific multifamily development firm based in South Miami, finished the 367-unit Soleste NoMi Beach in April. The new loan refinances the $75.6 million construction loan that Estate took out in 2021 from Bank OZK, according to records.
The tower, which falls under Estate’s Soleste brand, offers one-bedroom to three-bedroom units. Monthly rents range from $2,379 to $5,304, Apartments.com shows.
South Florida’s multifamily market boomed from late 2020 through early last year due to an influx of out-of-state residents, prompting record rent hikes and a flurry of new construction. More recently, hefty apartment completions and a slowdown in the pipeline of transplants have significantly tempered demand and led to concessions at new buildings.
At Soleste NoMi Beach, about 85 units –– or 23 percent of the apartments –– are available for lease either immediately or in the coming months, according to the property’s website. The website is advertising a $1,500 “look and lease special” and a free month.
Led by Robert Suris and Jeff Ardizon, Estate also is developing the 28-story, 363-unit Soleste on the Bay tower at 16375 Biscayne Boulevard, immediately south of Soleste NoMi Beach.
Ares, led by CEO Michael Arougheti, has been ramping up its South Florida investments in recent years. In 2021, Ares funds made a $150 million preferred equity investment in Major League Soccer’s Inter Miami CF. The professional soccer team is owned by a partnership that includes the Mas brothers and David Beckham.
In October, Ares paid $147 million for the recently completed Midway Miami Park, an industrial complex with four buildings at 9675 Northwest 174th Street in Miami Lakes. The deal marked the biggest industrial deal so far this year in South Florida.
Across the tri-county region, refinancings and construction financing have continued, defying a nationwide slump tied to elevated interest rates and skitting lenders. In August, Vanderbilt Office Properties and Trinity Capital Advisors landed a $96 million refinancing for the Northbridge Centre office tower in downtown West Palm Beach. That came on the heels of Loews Corporation landing a $305 million refinancing for the loan on its 5-acre, 790-key Loews Miami Beach Hotel at 1601 Collins Avenue.
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