South Florida’s capital markets showed renewed momentum to start the year, with three major financings totaling roughly $308 million for a pair of multifamily projects in Miami-Dade County, and a six-year-old office tower in Fort Lauderdale.
The trio of deals signals lenders’ continued confidence in South Florida commercial real estate projects.
Between November and December, banks provided a combined $1.7 billion in refinancings and construction loans to five projects, including $465 million for Naftali Group’s planned condo-apartment tower, JEM Private Residences at Miami Worldcenter, and an $830 million refi for 830 Brickell, a recently completed office tower in Miami’s Brickell neighborhood developed by Vlad Doronin’s OKO Group and Cain International.
The Main Las Olas | $185M | Fort Lauderdale
In the largest of the recent loans, Tokyo-based Nomura provided a $185 million refinancing for a 25-story office tower within The Main Las Olas mixed-use complex at 201 East Las Olas Boulevard, a news release states.
A JLL team led by Paul Stasaitis and Geoff Goldstein arranged the loan on behalf of The Main Las Olas developer, a joint venture between Fort Lauderdale-based Stiles, led by Kenneth Stiles, and San Francisco-based Shorenstein Investment Advisors, led by Brandon Shorenstein.
Completed in 2020, The Main Las Olas office tower is 100 percent occupied with a tenant roster made up of national financial institutions, leading law firms and South Florida corporate headquarters, including JPMorgan Chase and Raymond James, the release states.
Caribbean Isles | $71M | Southwest Miami-Dade County
Miami-based affordable housing developer Pinnacle, led by Louis Wolfson III and David Deutch, nabbed a $68 million construction and equity financing package for Caribbean Isles, a news release states. The planned apartment complex at 19755 Southwest 110th Court in unincorporated southwest Miami-Dade will have 142 affordable senior housing units.
Tenants must be 62 or older, and earn up to 60 percent of Miami-Dade’s area median income, which is $79,400 annually for a single person.
Caribbean Isles is the second phase of a two-phase affordable housing community. Pinnacle completed the first phase, the 123-unit Caribbean Village, in 2020. Pinnacle also recently completed a 256-space parking garage that is part of the community.
Caribbean Isles’ financing package includes a Bank of America $34 million construction loan, a Chase Bank first mortgage for $27 million and $10 million in funding from Miami-Dade’s community development block grants and surtax program, the release states.
Horizons North | $53M | Northeast Miami-Dade County
In another refinancing arranged by JLL, Freddie Mac provided a $52.5 million loan secured by Horizons North, a 276-unit garden-style apartment community at 665 Ives Dairy Road in unincorporated northeast Miami-Dade, a news release states.
A JLL team led by Mark Wintner and Joshua Odessky represented the borrower, Miami-based Fifteen Group, led by Mark and Ian Sanders. The firm acquired the three-building complex in 1999, but the sale price is not listed in public deeds. Horizons North was completed in 1982.
Fifteen recently completed extensive interior and exterior renovations to comply with Miami-Dade County’s 40-year recertification program, the release states.