$111M Construction Loan Secured For Edgewater Multifamily Development

JLL Capital Markets has arranged a $111 million construction loan for Sense22, a 328-unit multifamily development project in Miami.

JLL represented the borrower, HA Emprendimientos, in securing the three-year loan through S3 Capital. The successful financing follows JLL’s previous work with the sponsor on securing a land and predevelopment loan for the property in 2025.

Sense22, located in Miami’s Edgewater neighbourhood, will rise 36 stories and include a mix of studios, one- and two-bedroom units, along with 372 parking spaces, totalling 262,000 of net rentable square feet. The building’s amenity program, including a resort-style pool deck, a furnished rooftop terrace with outdoor grilling areas, spa, fitness center and co-working spaces, is meaningfully differentiated from existing comparables in the submarket. The rooftop terrace offers views of Biscayne Bay and the Miami skyline that few rental buildings in the submarket can match. Sense22, which is slated to be completed in 2028, is set to become one of the most significant developments in South Florida.

The development is sponsored by HA Emprendimientos, a vertically integrated real estate firm with over 16 years of experience developing residential and mixed-use projects across the United States and Latin America. The firm has developed more than 1,000 residential units and over 1.2 million square feet, including Sense28, an eight-story, 53-unit multifamily rental project also in Edgewater. Sense22 marks HA Emprendimientos’ newest project in the submarket, as the firm is preparing to acquire additional development sites in the neighbourhood to continue expanding its operations in Miami.

“We identified Edgewater as a neighbourhood with tremendous growth potential and proven financial performance,” said Ignacio Aldazabal, CEO of HA Emprendimientos. “That’s the combination that keeps bringing us back to invest here”.

JLL Capital Market’s Debt Advisory team representing the borrower was led by Managing Director Max La Cava and Director Pier Barinci.

“We are honoured to have partnered with HA Emprendimientos to successfully arrange and structure the financing for Sense22 – which represents the groups’ largest project in the United States to date,” said La Cava. “Seeing the project take shape is a fulfilment of the developers’ vision for the future of Miami’s quickly evolving skyline. Sense22 is setting a new standard for urban living and cementing Edgewater as one of Miami’s top residential neighbourhoods.”

Miami continues to be one of the nation’s fastest-growing metropolitan areas, with strong population growth, a diverse economy and increasing demand for luxury housing. The Edgewater neighbourhood, positioned between Downtown Miami, Wynwood and the Miami Design District, has emerged as one of the city’s most dynamic residential corridor attracting residents seeking urban connectivity and waterfront proximity.