South Florida’s commercial real estate sector has started the year with significant financing activity, as three major projects secured a total of approximately $308 million in loans. The financings involve two multifamily developments in Miami-Dade County and an office tower in Fort Lauderdale.
These deals are seen as a sign that lenders remain confident in the region’s commercial real estate market. In the final two months of last year, banks issued about $1.7 billion in refinancing and construction loans to five projects. This included $465 million for Naftali Group’s planned JEM Private Residences at Miami Worldcenter and an $830 million refinancing for 830 Brickell, an office tower developed by OKO Group and Cain International.
The largest recent loan was a $185 million refinancing from Tokyo-based Nomura for a 25-story office building within The Main Las Olas mixed-use complex at 201 East Las Olas Boulevard. According to a news release, “A JLL team led by Paul Stasaitis and Geoff Goldstein arranged the loan on behalf of The Main Las Olas developer, a joint venture between Fort Lauderdale-based Stiles, led by Kenneth Stiles, and San Francisco-based Shorenstein Investment Advisors, led by Brandon Shorenstein.” The Main Las Olas was completed in 2020 and is fully leased to tenants including JPMorgan Chase and Raymond James.
Pinnacle, an affordable housing developer based in Miami and led by Louis Wolfson III and David Deutch, obtained a $68 million construction and equity financing package for Caribbean Isles. As stated in the release: “The planned apartment complex at 19755 Southwest 110th Court in unincorporated southwest Miami-Dade will have 142 affordable senior housing units.” Residents must be at least 62 years old and earn up to 60 percent of Miami-Dade’s area median income.
Caribbean Isles represents the second phase of Pinnacle’s affordable housing community; the first phase, Caribbean Village with 123 units, was completed in 2020 along with a new parking garage. The financing includes a $34 million construction loan from Bank of America, a $27 million first mortgage from Chase Bank, and $10 million from local government grants.
Another refinancing deal involved Freddie Mac providing a $52.5 million loan secured by Horizons North, a garden-style apartment community with 276 units located at 665 Ives Dairy Road in northeast Miami-Dade. A JLL team led by Mark Wintner and Joshua Odessky represented Fifteen Group—headed by Mark and Ian Sanders—which has owned the property since 1999. Horizons North underwent renovations recently to meet county recertification requirements.
