Acre landed a $72 million refinancing for a 236-unit multifamily project on Miami’s waterfront.
Nuveen Real Estate, part of TIAA, provided the three-year, floating-rate loan for Adela at MiMo Bay, a five-story apartment building facing Biscayne Bay at 6445 Northeast Seventh Avenue in Miami’s MiMo Biscayne Boulevard Historic District, a press release states.
A JLL team led by Jesse Wright and Peter Rotchford arranged the mortgage, which was split into $63.1 million in initial funding and $8.9 million in future funding for planned property enhancements.
Atlanta-based Acre, led by Les Menkes and Michael Van Der Poel, partnered with QuadReal Property Group, the real estate investment arm of the British Columbia public employees’ pension, and Miami-based Global City Development to develop Adela at MiMo Bay, completed in 2020, records show.
In 2016, Acre, QuadReal and Global City paid $6.6 million for the 10.2-acre site, which was previously home to an American Legion outpost.
QuadReal and Global City are no longer partners in the project, a source familiar with the joint venture told The Real Deal. State corporate records show Adela at MiMo Bay’s ownership entity is managed solely by an Acre real estate fund.
Adela at MiMo Bay, which is adjacent to Miami’s Legion Park, features a mix of studio, one-, two- and three-bedroom apartments with monthly rents between $2,300 to $4,000-plus, according to the building’s website.
Acre plans to add 14 more apartments and upgrade the building’s amenities, which include a mezzanine level swimming pool and a ground-floor fitness center, the release states.
The multifamily-focused private equity firm is also planning Adela II, a six-story building with 337 apartments on an adjacent 3.5-acre vacant assemblage on the northeast corner of Biscayne Boulevard and Northeast 64th Street.
Acre will set aside 16 units designated for households earning no more than 80 percent of the area median income (AMI), and four units allotted for households earning between 80 percent and 120 percent of the AMI. The AMI in Miami-Dade County for a one-person household is $86,800.
