JLL Capital Markets announced that it has arranged $60 million in construction financing for The Kavista, a 282-unit, eight-story multihousing development located in the El Portal neighborhood of Miami, Florida.
JLL worked on behalf of the borrower, Barrington Brothers LLC, to secure the 2.5-year construction loan through Trez Capital.
The Kavista will feature one-, two- and three-bedroom units with refined finishes and community amenities, including a resort-quality pool and deck, barbeque grilling area with outdoor seating, co-working lounge, theater, fitness center and electric vehicle charging stations. The project’s architectural and landscaping design is contextual, drawing from El Portal’s historic Sherwood Forest and bird sanctuary.
Located at 495 N.E. 83rd St., The Kavista is conveniently situated between Miami Shores and Little River in the Village of El Portal. Barrington Brothers worked diligently with the Village of El Portal to increase density and height limits, priming El Portal for the continued development of high-quality housing. The borrower’s expertise in this area is proven, having developed and stabilized three multihousing communities totaling 190 units directly across the street from The Kavista.
The Kavista is within a five-minute walk of numerous community amenities, including grocers, health clubs and Biscayne Medical. The property is also proximate to major thoroughfares, leveraging access to Biscayne Boulevard, SR-934 and I-95 to connect residents to over 60 million square feet of office and commercial space in the greater Miami area. The immediate area also benefits from recreation centers and parks. Additionally, The Citadel, featuring 15 restaurants, a rooftop bar and walkable retail frontage, totaling 62,000 square feet of active commercial uses, is within close distance to the property.
The JLL Capital Markets Debt Advisory Team representing the borrower was led by Managing Director Melissa Rose and Director Michael DiCosimo.
“It was a pleasure to arrange this financing for a sophisticated local developer seeking to deliver a true community-oriented product in one of Miami’s oldest neighborhoods,” said Rose. “Ben Jacobson at Trez Capital provided seamless execution for Barrington Brothers.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
