$114 Million HUD Financing Secured For Luxury Apartment Tower In Miami

JLL Capital Markets has successfully structured, underwritten, and closed a $113.78 million FHA 223(f) insured mortgage loan through its lending arm, JLL Real Estate Capital, LLC. The financing was secured thru the U.S. Department of Housing and Urban Development (HUD) for Metro Edgewater, a premier 279-unit luxury apartment tower located in Miami, Florida.

JLL Real Estate Capital, LLC submitted the FHA application on behalf of the sponsorship team, Resident Group.

Metro Edgewater, a striking 32-story mixed-use luxury apartment tower, sits within walking distance of Wynwood, Midtown and the Miami Design District.

Miami continues to experience exceptional economic expansion, with the metro area ranking as the top destination for net in-migration in the United States. The city has attracted major employers, cementing its position as a technology, creative and capital epicenter.

The 540,000-square-foot development features spacious units averaging 955 square feet, significantly larger than typical Miami apartment communities. Metro Edgewater offers a diverse mix of one-, two- and three-bedroom units, all designed with European-style finishes and modern amenities. The property boasts over 13,000 square feet of luxury amenities including a resort-style pool deck, state-of-the-art fitness center, 32nd floor sky lounge and concierge services.

JLL Capital Market’s Debt Advisory team representing the borrower was led by Managing Director Jesse Wright and Director Joshua Odessky.

“The successful arrangement of HUD financing for Metro Edgewater demonstrates the continued strength of Miami’s multifamily market and the appeal of well-located, institutional-quality assets.  In addition, JLL’s FHA Structuring, Underwriting and Closing team did an incredible job of working with the borrower to shepherd this deal thru HUD and to the closing table” said Wright. 

Metro Edgewater will benefit from institutional-quality management through Greystar, the largest multifamily management company in the country, as the property transitions through its lease-up phase.