$115M in financing secured for Class A multi-housing community in Miami
JLL Capital Markets arranged the financing for the 279-unit apartment tower, Metro Edgewater located within the Edgewater neighborhood in Miami, Florida
MIAMI, Dec. 20, 2023 – JLL Capital Markets announced today that it has arranged the $115 million financing for Metro Edgewater, a 279-unit, 32-story, recently completed, Class A apartment tower located in the Edgewater neighborhood of Miami, Florida.
JLL worked on behalf of the borrower, a consortium comprised of Lujeni Corp, Camino Capital Management, and Building Block Realty.
Metro Edgewater will feature spacious one-, two- and three-bedroom units averaging 955 square feet with balconies, walk-in closets, European-style unit finishes, nine-foot ceilings, stainless steel appliances, quartz countertops and hardwood and plank vinyl flooring. Community amenities will include a hotel-style pool with cabanas and day beds, state-of-the-art fitness center, live-work club room, a sky lounge, a private dining room and a coffee bar.
The property is less than a 10-minute drive to Downtown Miami and Brickell, Miami’s Central Business District with over 30 million square feet of office space. Notable nearby employers include Citadel, Spotify, Microsoft and JP Morgan, amongst many others.
The JLL Capital Markets Debt Advisory team was led by Managing Director Jesse Wright, Senior Managing Director Elliott Throne, Director Kenny Cutler, Associate Joshua Odessky, and Senior Analyst JJ Hovenden.
“This refinancing is the culmination of years of hard work on the part of the borrower. Metro Edgewater is a first-class product in one of Miami’s most attractive neighborhoods, adding to the Miami skyline. MF1 delivered a very smooth execution in the midst of a highly dynamic market,” added Wright.
The MF1 Capital financing was led by Michael Squires, Phil Pesant and Connor Pensabene.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About Camino Capital Management
Camino Capital Management, LLC is a leading real estate investment manager with operations in Washington, D.C., and Miami, FL. Camino targets private real estate via controlled joint ventures and sponsored projects for its Co-Investors.
The Principals of Camino have developed, acquired, and/or managed over 25,000 residential units, along with 4 million square feet of industrial, office, retail and mixed-use projects in the U.S., Europe, and Latin America.
About MF1 Capital, LLC
MF1® is a multifamily lending platform led by seasoned professionals from Limekiln Real Estate (“Limekiln”) and Berkshire Residential Investments (“Berkshire”). MF1 has grown to become the largest provider of Multifamily bridge capital in the industry, having executed over $19B of financings since its inception.
About Building Block Realty
Building Block Realty, LLC is a real estate company specializing in land acquisition, land development, land entitlement, deal structuring, and construction management, focused in South Florida.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.