JLL Capital Markets announced that it has arranged $60.9 million in construction takeout refinancing for The Kavista, a 282-unit, eight-story multi-housing development located in the El Portal neighborhood of Miami, Florida.
JLL represented the borrower, Barrington Brothers, to secure the two-year, floating rate loan with Värde Partners.
Upon completion in February 2024, The Kavista will be El Portal’s first Class A multi-housing development, featuring one-, two- and three-bedroom units, a resort-quality pool and deck, a co-working lounge, theater, fitness center and electric vehicle charging stations.
Within a five-minute walk of the property includes grocers, health clubs and Biscayne Medical, and The Citadel, which features 15 restaurants, a rooftop bar and walkable retail frontage, is within close distance to the site. The development 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 JLL Capital Markets Debt Advisory Team representing the borrower was led by Senior Managing Director Melissa Rose, Senior Director Michael DiCosimo and Analyst Maddy McMillen.
“We are pleased to have worked with Melissa Rose and the JLL team to secure financing from Varde Partners for The Kavista. We are looking forward to this next phase as we begin welcoming our new tenants in the coming weeks. The Kavista embodies a perfect blend of comfort, convenience and community located in one of the best kept secrets in Miami, The Village of El Portal,” stated Kenneth Barrington with Barrington Brothers.
“We look forward to a long-term partnership with Barrington Brothers as they launch a well-amenitized property in the vibrant Miami market,” said Jim Dunbar, Head of Real Estate Lending at Värde.
