Resident Group scored a $113.8 million refinancing for its 279-unit Metro Edgewater apartment tower.
The deal marks a continuing lending boom in South Florida, despite elevated interest rates.
Miami-based Resident Group –– a partnership among Camino Capital Management, Lujeni, Korner and Building Block Realty –– completed the 32-story tower at 452 Northeast 31st Street in Miami in 2023, according to records. The partners rebranded under Resident Group.
The refinancing is a Federal Housing Administration-insured loan secured through the U.S. Department of Housing and Urban Development, according to a JLL news release. The FHA-backed loans generally have fixed interest rates and a term of 35 to 40 years.
Jesse Wright and Joshua Odessky of JLL represented Resident Group.
The loan refinanced a $115 million floating-rate bridge loan Metro Edgewater’s developers scored in 2023, shortly after they completed the tower.
Metro Edgewater is 94 percent leased, according to Carlos Ortiz of Building Block Realty.
Monthly rents range from $2,868 to $5,475, according to Apartments.com. The Metro Edgewater website shows expenses can run higher due to pet fees, parking fees, internet services and common area/clubhouse deposits.
Camino Capital, based in Washington, D.C., is a family office led by CEO Noël Bejarano, according to Bejarano’s LinkedIn. Building Block Realty is a Miami-based real estate and development consulting firm led by Ortiz, according to its website. Ortiz is founder of concrete shell contractor Prodesa International and manages its investment fund through Building Block Realty. Lujeni is based in Miami and is led by Daniel Rincon, state corporate records show. Korner is a Colombian real estate development firm.
The developers plan the 28-story second Metro Tower II at 3055 Northeast Fourth Avenue, adjacent to Metro Edgewater. As of last year, the plan was for the second tower to consist of 103 apartments and 60 hotel keys.
South Florida’s multifamily market is experiencing a supply overhang due to a record 18,600 apartments last year, outpacing the 15,000 net new leases signed, according to CoStar Group data. This led to slower lease-ups and more concessions. A pandemic-era influx of out-of-staters prompted unprecedented demand and record rent growth, leading to the construction boom.
In other recent refinancings, Crescent Heights landed $238.4 million this month for the 40-story, 588-unit Forma Miami luxury apartment tower at 2900 Biscayne Boulevard in Miami’s Edgewater. Also this month, Treo Group scored a $132 million refinancing for its Vox I and II student housing buildings with 262 units, combined, at 7025 and 7175 Southwest 59th Avenue in South Miami.
In August, Acre scored $72 million to refinance its 236-unit Adela at MiMo Bay apartment building at 6445 Northeast Seventh Avenue in Miami’s MiMo Biscayne Boulevard Historic District.
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