Fisher Brothers Nabs Bain Capital Refi for Wynwood Rentals

Fisher Brothers scored a $117.5 million refinancing from Bain Capital for a Wynwood apartment building completed last year.

Private debt is a major financier for South Florida real estate, and the deal comes despite broader nationwide stress in the private credit market, as well as a regional multifamily oversupply.

New York-based Fisher Brothers completed Joule House last summer with 308 apartments, a 26,000-square-foot Calle Collective retail, arts and culture hub, and 23,000 square feet of amenities, according to a news release. The eight-story building is at 2200 Northwest First Avenue in Miami.

Boston-based Bain Capital’s bridge loan has a floating interest rate, the release says.

Keith Kurland and Aaron Appel were part of the Walker & Dunlop team that represented Fisher Brothers.

The deal refinanced a $117.5 million construction loan issued to Fisher Brothers in 2023.

The development firm, led by fourth generation Fisher family members Kenneth and Winston Fisher, paid $17.6 million for the 1.5-acre development site in 2021. At the time, the property consisted of warehouses.

Commercial tenants on tap include SunLife Organics, a juice bar, apparel and organic products store that’s slated to open in a 2,000-square-foot space in the third quarter. Calle Collective also is home to 19 murals by Miami-based artists.

Joule House consists of studios, one- and two-bedroom apartments, and some two- and three-bedroom penthouses, the release says. Monthly rents listed on the property’s website range from $2,512 to $5,447.

South Florida’s multifamily market still is feeling the squeeze due to hefty deliveries in recent years, which came just as the influx of out-of-staters to the tri-county region significantly calmed.

In 2024, developers completed a record 18,600 units, with deliveries calming some last year to 12,718 units, according to data from CoStar Group.

The supply overhang led to slower lease-ups and more concessions, as well as a decrease in rents. Realtor.com shows the average asking rent in South Florida hit $2,235 last month, a 3.3 percent drop, year-over-year.

The percentage of units leased at Joule House wasn’t immediately provided.

The property’s website is advertising up to three months for free for leases signed by April 3, plus potentially other specials.

This year kicked off with $308 million in three major financings for South Florida projects: Stiles and Shorenstein landed $185 million for their 6-year-old The Main Las Olas office building in Fort Lauderdale. Pinnacle notched a $68 million construction loan and equity investment for an affordable senior housing project in Miami-Dade County. And Horizons North scored a $52.5 million refinancing for a rental complex near Aventura.

In other recent deals, the Mayfair in the Grove mixed-use complex landed a $113.6 million refinancing this month, and Hyperion Group and Winter Properties scored a $108 million construction loan for their 371-unit apartment project in Boynton Beach.