JLL Capital Markets Continues To Expand Debt Advisory Team With Key Promotions In Miami
In their new roles, they will primarily focus on debt and equity advisory across various property types, reinforcing the team’s expertise and regional presence.
In their new roles, they will primarily focus on debt and equity advisory across various property types, reinforcing the team’s expertise and regional presence.
Financing for the development includes a $32.2 million tax credit equity from Bank of America; a $9.1 million conventional first mortgage loan from Berkadia/Freddie Mac; a subordinate $6 million Surtax loan from Miami-Dade County; and the balance with developer equity.
Oak Row Equities purchased the $38.5 million site off-market.
The property is currently over 90 percent sold.
The project will be situated on the 4.2-acre vacant lot at the corner of NW 53rd Street and NW 52nd Terrace.
He will be responsible for the firm’s Miami, Fort Lauderdale, Boca Raton, and West Palm Beach markets and oversee more than 450 professionals across the South Florida region.
The multifamily property is located to the east of Biscayne Boulevard, making it one of the few rental buildings located east of US-1. Additionally, Florida International University’s Biscayne Bay Campus is within walking distance, and the property is near several mixed-use developments in the area.
The development encompasses three contiguous properties that span 49,000 square feet.
The Wynwood Norte district is bordered by I-95 to the west and North Miami Avenue to the east, and Northwest 29th Street to the south and I-195 to the north. Given its walkability to many art, cultural and entertainment and dining destinations along with its recent zoning overhaul, the neighborhood is poised for significant development.
The site spans 2.03 acres and encompasses two parcels. The East Parcel falls under Hialeah’s TOD zoning overlay, permitting up to 125 units per acre and building heights ranging from 3 to 15 stories. The West Parcels are zoned for mixed-use projects, allowing up to 60 units per acre.
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