ACRE Secures $72M Refinance Loan From Nuveen For 236-Unit Multifamily In Miami

A refinance loan of $72,000,000 was secured by ACRE from Nuveen Real Estate for Adela at MiMo Bay, a multifamily asset comprising 236 units located at 6445 Northeast 7th Avenue in Miami's MiMo District. The financing package includes $63.1 million for upfront costs and an additional $8.9 million allocated for enhancements, which will include the addition of 14 new units, highlighting the continued demand in Miami's multifamily market.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $72,000,000
• Lender: Chad Phillips - Nuveen
• Landlord: Michael Van Der Poel - ACRE
• Breoker Representatives: Jesse Wright, Peter Rotchford, J.J. Hovenden, Aaliyah St. Louis & Miguel Pedersen - JLL
• Loan Type: Refinance
• Loan Terms: three-year, floating-rate
• Units: 236
• Market: Miami

The involved parties in the transaction include Chad Phillips representing Nuveen as the lender and Michael Van Der Poel acting as the landlord with ACRE. JLL played a significant role in the brokerage representation with five key individuals facilitating the deal.