$110M refinancing secured for luxury waterfront apartment community in North Miami Beach

MIAMI, Nov. 12, 2024 - JLL Capital Markets announced today that it has secured a $110 million loan for Soleste NoMi Beach, a 367-unit Class-A multifamily community in North Miami Beach, Florida.

JLL represented the borrower, The Estate Companies, in arranging the floating-rate loan from Ares Management.

Located at 16395 Biscayne Blvd., Soleste NoMi Beach is a luxurious Class-AAA 22-story residential building offering a mix of one-, two- and three-bedroom units averaging 914 square feet. The apartments feature high-end finishes including keyless entry, designer lighting, European-style cabinetry, ceramic-tiled flooring, frameless showers, quartz countertops and luxury tile backsplash. Additionally, the community's amenity offering is unrivaled in this market, offering an elevated swimming pool with poolside cabanas, yoga and spin rooms, an extensive fitness center, outdoor social terrace, coworking spaces, golf putting green, indoor pet space, movie lounge, podcast studio and game room.

JLL Capital Market's Debt Advisory team representing the borrower was led by Managing Director Brian Gaswirth, Associate Paul Adams and Analyst Val McWilliams.

"This refinancing presented an attractive opportunity given the Property's prime waterfront location, extensive demand drivers and top-of-market amenities/finishes," said Gaswirth. "Soleste NoMi Beach's exceptional performance is a testament to the local expertise and incredible execution by the sponsorship team."

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.

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