Botanic Residences In Miami Scores $17 Million Construction Loan

JLL Capital Markets has secured a $17 million, non-recourse, construction loan for Botanic Residences, a 51-unit luxury condominium development in Miami.

JLL represented the borrowers, Forth Development and MICL, in arranging the construction financing.

Botanic Residences is located in West Brickell/Little Havana and will deliver some of the first high-finish condominium product to the market. The project features fully furnished units and a comprehensive amenity package including a state-of-the-art fitness center, co-working spaces and resort-style pool. The property offers flexible rental restrictions, allowing owners to position units as short-term rentals.

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

“We are thrilled to have partnered with Forth Development and MICL to successfully arrange and structure the financing for Botanico Residences – which represents one of the first luxury condominiums in the up-and-coming West Brickell neighbourhood of Miami,” said La Cava. “The combination of premium finishes, flexible rental restrictions and West Brickell’s strategic location creates compelling value for both end-users and investment buyers seeking income-generating assets in one of the nation’s most dynamic real estate markets.”