The Estate Companies, FHCP, LLC Secure $50M Refinancing For Luxury Multifamily Rental Community In Miami’s Health District

The Estate Companies, a leading developer of luxury multi-family developments throughout South Florida, and FHCP, LLC announced the successful $50 million refinancing of Soleste Spring Gardens, an eight-story Class A luxury rental community with 240 units at 1033 Spring Garden Rd. within Miami’s historically designated Spring Garden district.

Financing was provided by an Ares Management Real Estate fund (“Ares”) and arranged by Brian Gaswirth, Chris Drew, Jesse Wright and JJ Hovenden at JLL Capital Markets. Closing took place March 7. The project recently received its certificate of occupancy (CO).

“The refinancing supports our long-term commitment to the historic Spring Garden District and underscores our ongoing investment in the growth and prosperity of this community,” stated Carlos Lopez, CFO, The Estate Companies. “We thank Ares for being a great financial partner and are thrilled to deliver Soleste Spring Gardens, a beautiful Class A community, to this thriving area.”

 

“The Estate Companies and FHCP, LLC have built a phenomenal asset in Miami’s flourishing Health District, successfully capitalizing on the opportunity to develop one of the first luxury apartment communities in the neighborhood,” added Brian Gaswirth, managing director, JLL Capital Markets. “Ares is an excellent capital partner for The Estate Companies and FHCP, LLC; they immediately recognized the quality of this asset, the future growth of this market, and the incredible brand recognition of Soleste.”

Soleste Spring Gardens offers studios, one- and two-bedroom units ranging in size from 400 to 1,100 square feet. Like all projects within the Soleste Living brand portfolio, Soleste Spring Gardens is a highly amenitized development with a vast collection of health and wellness offerings, social components and pet-friendly features, including a resort-style pool with spacious sun deck and private cabanas, outdoor kitchen and bar, dog park, pet spa, yoga lawn and electric car charging stations.

“Soleste Spring Gardens was what the health district needed,” stated Seth Heller of FHCP, LLC.

The community offers a bevy of conveniences for working professionals who value its central location and access to public transportation. The site is just two blocks from the Culmer Metrorail Station, which provides a six-minute ride to the Brightline rail stop and abuts on one of Miami’s main arteries, the Dolphin Expressway. Soleste Spring Gardens is also less than three miles from Brickell and Downtown Miami, which represents the largest office market in South Florida, and is in close proximity to Downtown Miami’s Arts & Entertainment District, Midtown Miami, Miami Design District and Wynwood.

The Miami Health District is home to the nation’s premier medical and research programs and is a growing hub for the biotech industry. Recognized as the second-largest medical district in the U.S. after Houston with approximately 30,000 employees, the Miami Health District includes world-famous Jackson Memorial Hospital and the University of Miami Hospital.

The Estate Companies is one of Florida’s largest and most active multi-family development firms with approximately 4,000 rental units and 153,000 square feet of commercial space in the pipeline throughout the tri-county region. In addition to its two projects in West Palm Beach, the firm has numerous projects in various stages of development including four in downtown Hollywood, two in North Miami Beach, Pompano Beach, Lauderhill and Homestead. FHCP, LLC is a boutique opportunistic investment and development firm concentrating on niche locations and products where they see long term potential and growth and opportunity.

The Estate Companies recently completed three noteworthy projects, Soleste NoMi Beach, a 23-story luxury waterfront rental community in North Miami Beach, Soleste Seaside, an upscale rental community located in Dania Beach and Alture Westland, a hotel conversion in Hialeah. The firm also completed and sold Soleste Grand Central, Miami’s first large-scale, ground-up opportunity zone development that marked a pioneering achievement for Miami’s real estate landscape.