The Estate Companies, a leading developer of luxury multi-family developments throughout South Florida, and FHCP, LLC announced the successful $50 million refinancing of Soleste Spring Gardens, an eight-story Class A luxury rental community with 240 units at 1033 Spring Garden Road within Miami’s historically designated Spring Garden district.
Financing was provided by an Ares Management Real Estate fund (“Ares”) and arranged by Brian Gaswirth, Chris Drew, Jesse Wright and JJ Hovenden at JLL Capital Markets. The project recently received its certificate of occupancy (CO).
“The refinancing supports our long-term commitment to the historic Spring Garden District and underscores our ongoing investment in the growth and prosperity of this community,” stated Carlos Lopez, CFO, The Estate Companies. “We thank Ares for being a great financial partner and are thrilled to deliver Soleste Spring Gardens, a beautiful Class A community, to this thriving area.”
“The Estate Companies and FHCP, LLC have built a phenomenal asset in Miami’s flourishing Health District, successfully capitalizing on the opportunity to develop one of the first luxury apartment communities in the neighborhood,” added Brian Gaswirth, managing director, JLL Capital Markets. “Ares is an excellent capital partner for The Estate Companies and FHCP, LLC; they immediately recognized the quality of this asset, the future growth of this market, and the incredible brand recognition of Soleste.”
“Soleste Spring Gardens was what the health district needed,” stated Seth Heller of FHCP, LLC.
The Estate Companies is one of Florida’s largest and most active multi-family development firms with approximately 4,000 rental units and 153,000 square feet of commercial space in the pipeline throughout the tri-county region. In addition to its two projects in West Palm Beach, the firm has numerous projects in various stages of development including four in downtown Hollywood, two in North Miami Beach, Pompano Beach, Lauderhill and Homestead. FHCP, LLC is a boutique opportunistic investment and development firm concentrating on niche locations and products where they see long term potential and growth and opportunity.
The Estate Companies recently completed three noteworthy projects, Soleste NoMi Beach, a 23-story luxury waterfront rental community in North Miami Beach, Soleste Seaside, an upscale rental community located in Dania Beach and Alture Westland, a hotel conversion in Hialeah. The firm also completed and sold Soleste Grand Central, Miami’s first large-scale, ground-up opportunity zone development that marked a pioneering achievement for Miami’s real estate landscape.
