The property asset involved is a development site located at 685 Northeast 64th Street in the Miami market. The asset will support the 337-unit Adela II at MiMo Bay project, a six-story development that aims to include workforce housing units along with public benefits. This initiative is part of the expansion of the multifamily footprint of Asia Capital Real Estate near its existing Adela property.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $123,000,000
• Lender: Canyon Partners
• Landlord: Michael Van Der Poel & Daniel Jacobs - Asia Capital Real Estate
• Loan Terms: floating-rate

This transaction highlights the roles of key individuals and companies involved, where Asia Capital Real Estate secured financing from Canyon Partners. Michael Van Der Poel and Daniel Jacobs represented Asia Capital Real Estate in this deal, facilitating the development project that aims to enhance the community by providing essential housing options.