Fisher Brothers secured a $117.5 million refinancing from Bain Capital for its recently completed Joule House apartment building in Miami, according to a March 19 announcement.
The refinancing comes at a time when private debt continues to play a significant role in South Florida real estate, despite broader challenges in the national private credit market and an oversupply of multifamily units in the region.
Joule House, located at 2200 Northwest First Avenue, was finished last summer and features 308 apartments, a 26,000-square-foot Calle Collective retail and arts hub, and 23,000 square feet of amenities. The eight-story property offers studios, one- and two-bedroom apartments, as well as some two- and three-bedroom penthouses. Monthly rents listed on the property’s website range from $2,512 to $5,447. Commercial tenants include SunLife Organics—a juice bar and organic products store set to open later this year—and Calle Collective hosts 19 murals by local artists.
The bridge loan from Boston-based Bain Capital carries a floating interest rate. Walker & Dunlop’s Keith Kurland and Aaron Appel represented Fisher Brothers in the transaction. The deal refinanced a previous construction loan of the same amount issued in 2023. Fisher Brothers acquired the development site for $17.6 million in 2021 when it consisted of warehouses.
South Florida’s multifamily sector has experienced slower lease-ups and increased concessions due to high levels of new supply coinciding with reduced migration into the area. In 2024 alone, developers completed a record 18,600 units before deliveries slowed to about 12,718 units last year. Average asking rents have declined by about 3.3 percent year-over-year to $2,235 last month according to Realtor.com data.
Joule House is currently advertising up to three months free rent for leases signed by April 3 along with other potential specials on its website.
