Updated Dec 4, 2024
JLL Capital Markets Secures $115M Loan For Metro Edgewater Apartment Tower In Miami
452 Northeast 31st Street
$115,000,000
Units
279
Asset Type
MultiFamily
Closing
Dec 20, 2023
About this deal
AI
A $115 million financing package has been secured by JLL Capital Markets for Metro Edgewater, a newly completed 279-unit apartment tower located in Miami's Edgewater neighborhood. The loan, arranged for the borrower consortium comprised of Lujeni Corp, Camino Capital Management, and Building Block Realty, supports this Class A property. Metro Edgewater offers upscale amenities and is conveniently situated within a 10-minute drive from Downtown Miami and Brickell.
Summary of transaction details:
- Property Type: MultiFamily
- Transaction Amount: $115,000,000
- Units: 279
- Address: 452 Northeast 31st Street, Miami
JLL served as the broker for this financing deal. The broker team from JLL consisted of Elliott Throne, J.J. Hovenden, Jesse Wright, Joshua Odessky, and Kenny Cutler. They successfully facilitated the transaction on behalf of the borrower consortium consisting of Lujeni Corp, Camino Capital Management, and Building Block Realty.
On the Map
$115,000,000
MultiFamily
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Players
Miami MultiFamily Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.14%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93