JLL Capital Markets announced that it has secured $413 million in construction financing for One Twenty Brickell Residences, a luxury mixed-use development in Miami, Florida.
JLL represented the borrower, Property Markets Group (PMG), in arranging the loan through Monarch Alternative Capital.
The development, located at 120 SW 8th Street in the heart of Brickell, comprises two towers: a 41-story tower with 537 multifamily residential units and a 37-story tower with 266 condominium units. The project is strategically positioned less than one block from Brickell City Centre and Mary Brickell Village, offering residents unparalleled access to premier shopping, dining, and entertainment options.
The multifamily tower will be operated by the Sentral Management Platform. The condominiums of One Twenty Brickell Residences have demonstrated exceptional presale velocity since launching sales approximately 12 months ago and having now sold over 91 percent of units. The project’s unique offering includes fully finished and furnished units with each coming with a deeded private office suite.
JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Managing Directors Christopher Peck and Brian Gaswirth, Senior Directors Nicco Lupo and Nick Lavin, Director Jimmy Calvo and Associate Paul Adams.
“This significant financing for One Twenty Brickell Residences highlights the continued strength and appeal of Miami’s luxury real estate market,” commented Peck. “The project’s unparalleled Sponsorship team, coupled with its prime location in Brickell made it an attractive financing opportunity in today’s market.”
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 sales and 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.
