Little Havana Apartment Owners Land $50.8M Refi
STRE Management and Lloyd Jones obtained a $50.8 million refinancing for The Vibe, a 194-unit luxury multifamily community located in Miami’s Little Havana neighborhood.
JLL’s Capital Markets Debt Advisory team representing the borrower was led by Jesse Wright, Joshua Odessky and Luke Maganas. The group secured a five-year, fixed-rate CMBS loan. The project benefits from The Live Local Act (Florida SB 102), which provides a 75% ad valorem property tax exemption on units restricted to residents earning 80-120% of area median income for projects with 71 or more qualifying units. The Vibe is currently 96.4% leased.
Completed in 2021, The Vibe consists of two eight-story buildings plus 7,625 square feet of fully leased commercial space. The property’s unit mix includes one-, two- and four-bedroom units with private balconies or terraces. Community amenities include a sundeck with pool and lounge seating, and a health-club-quality fitness center with free weights and cardio equipment.
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Merchants Capital Secures $30M for 227-Unit Indianapolis Multifamily Development
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout