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JLL Capital Markets Secures $115M Loan For Metro Edgewater Apartment Tower In Miami

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FINANCED
$115,000,000
Joshua "Josh" Odessky
Kenny Cutler
Jesse Wright
+ 2

Florida

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MultiFamily
Financed 12/20/2023
the dealplayerscompscontact
Property Image
FINANCED

JLL Capital Markets Secures $115M Loan For Metro Edgewater Apartment Tower In Miami

452 Northeast 31st Street

See Similar Deals
MultiFamily
Financed 12/20/2023
Joshua "Josh" Odessky
Kenny Cutler
Jesse Wright
+ 2
the dealplayerscompscontact
Contact now

Summary

FLORIDA
Asset Type:MultiFamily
Transaction Type:Loan

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.

Players

Jesse Wright
JLL
Jesse Wright
23 deals$1.6B volume(786) 532-2347
BROKER
Elliott Throne
JLL
Elliott Throne
18 deals$747M volume
BROKER
Kenny Cutler
JLL
Kenny Cutler
28 deals$1.4B volume
BROKER
Joshua "Josh" Odessky
JLL
Joshua Odessky
19 deals$1B volume
BROKER
J.J. Hovenden
JLL
J.J. Hovenden
5 deals$474.2M volume
BROKER
MF1 Capital
MF1 Capital
LENDER

Details

FINANCED
IMAGE: Michael Squires, Connor Pensabene, Elliott Throne, Joshua Odessky, Kenny Cutler, J.J. Hovenden & Jesse Wright DATE: 12/20/2023 ADDRESS: 452 Northeast 31st Street MARKET: Miami ASSET TYPE: MultiFamily ~ UNITS: 279 LENDER: MF1 Capital - Michael Squires, Phil Pesant & Connor Pensabene (@Connor_Pensabene) LANDLORD: Lujeni Corp, Camino Capital Management & Building Block Realty BROKERS: Elliott Throne, J.J. Hovenden (@JJ_Hovenden), Jesse Wright, Joshua Odessky & Kenny Cutler (@Kenny_Cutler) - JLL (@JLL) LOAN AMOUNT: $115,000,000 LOAN TYPE: Refinance NOTE: JLL Capital Markets has secured a $115 million financing package for Metro Edgewater, a recently completed 279-unit apartment tower in Miami's Edgewater neighborhood. The loan, arranged for the borrower consortium of Lujeni Corp, Camino Capital Management, and Building Block Realty, supports the Class A property with upscale amenities, located within a 10-minute drive from Downtown Miami and Brickell.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$115,000,000.00

Monthly NOI$766,666.67
Monthly Debt Service$726,878.23
Change in Cash Flow$0.00
Refinance Proceeds$0.00