JLL Capital Markets announced that it has successfully structured, underwritten, and closed a $113.78 million FHA 223(f) insured mortgage loan through its lending arm, JLL Real Estate Capital, LLC. The financing was secured thru the U.S. Department of Housing and Urban Development (HUD) for Metro Edgewater, a premier 279-unit luxury apartment tower located in Miami, Florida.
JLL Real Estate Capital, LLC submitted the FHA application on behalf of the sponsorship team, Resident Group.
Miami continues to experience exceptional economic expansion, with the metro area ranking as the top destination for net in-migration in the United States. The city has attracted major employers, cementing its position as a technology, creative and capital epicenter. The property sits within walking distance of Wynwood, Midtown and the Miami Design District, granting residents effortless access to a diverse array of cultural and entertainment destinations.
The 540,000-square-foot development features spacious units averaging 955 square feet, significantly larger than typical Miami apartment communities. Metro Edgewater offers a diverse mix of one-, two- and three-bedroom units, all designed with European-style finishes and modern amenities. The property boasts over 13,000 square feet of luxury amenities including a resort-style pool deck, state-of-the-art fitness center, 32nd floor sky lounge and concierge services.
JLL Capital Market’s Debt Advisory team representing the borrower was led by Managing Director Jesse Wright and Director Joshua Odessky.
“The successful arrangement of HUD financing for Metro Edgewater demonstrates the continued strength of Miami’s multifamily market and the appeal of well-located, institutional-quality assets. In addition, JLL’s FHA Structuring, Underwriting and Closing team did an incredible job of working with the borrower to shepherd this deal thru HUD and to the closing table” said Wright.
Metro Edgewater will benefit from institutional-quality management through Greystar, the largest multifamily management company in the country, as the property transitions through its lease-up phase.
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.
