Dealmaker: JLL Secures $53M Refinancing for Miami Multifamily

(Photo courtesy of JLL)

JLL Capital Markets, Chicago, secured the $52.5 million refinance of Horizons North, a 276-unit garden-style apartment community in Miami.

JLL represented the borrower, an affiliate of Fifteen Group Capital LLC, Miami. It arranged the loan through Freddie Mac, McLean, Va. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo Lender.

Horizons North, located at 665 Ives Dairy Rd., was built in 1982. It has undergone extensive interior and exterior renovations to comply with Miami-Dade County’s 40-year recertification program.

Miami is one of the country’s most competitive rental markets, with an average of 18 prospective renters per available apartment unit and a 72% lease renewal rate. Market occupancy stands at 96.5% with typical vacancy durations of just one month.

JLL Capital Market’s Debt Advisory team was led by Managing Director Mark Wintner, Director Joshua Odessky and Analyst Charlie Foy.

Wintner noted the refinancing demonstrates the strength of well-positioned workforce housing in Miami’s rental market. “The sponsor’s strategic capital investments and hands-on management approach have created significant value while addressing critical infrastructure needs,” he added.

Founded in 1992, Fifteen Group has acquired, redeveloped and disposed of over 20,000 apartment units across 19 markets. The company has owned Horizons North since 1999.