Dealmaker: JLL Secures $38M to Refinance Miami In-Fill Retail Portfolio

(Illustration courtesy of JLL)

JLL Capital Markets, Chicago, arranged a $38 million refinancing for a Miami in-fill retail portfolio, a collection of four fully leased retail centers totaling 128,000 square feet across Miami-Dade County, Fla.

JLL represented borrower MMG Equity Partners, Pinecrest, Fla., in the deal. It secured the 10-year, fixed-rate loan through Synovus Bank, Birmingham, Ala.

The portfolio includes four urban infill retail shopping centers in high-demand South Florida submarkets: Pinecrest Center (28,944 square feet), Westlake Plaza (33,403 square feet), Naranja Plaza (51,075 square feet) and Pinecrest Shoppes (14,404 square feet).

The fully leased properties have frontage along some of the area’s most traversed thoroughfares, including U.S.1, which sees traffic counts approaching 70,000 vehicles per day.  

Since acquisition between 2018 and 2020, MMG has invested significant capital in renovating and repositioning these assets, resulting in meaningful portfolio NOI growth.

JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Managing Directors Brian Gaswirth and Chris Drew and Analyst Michael Romero.

“Miami’s retail market continues to outperform national averages with 17% rent growth over the past three years and historically low vacancy rates of 2.7%,” Drew noted. “These strong fundamentals, combined with the portfolio’s strategic locations and diverse tenant mix, resulted in competitive financing terms for our client.”