Fifteen Group Lands $53M Refi for Miami Community
JLL arranged the deal through a GSE.
Image courtesy of JLL Capital Markets
Fifteen Group has secured a $52.6 million refinancing loan for Horizons North, a 276-unit garden-style community in Miami. JLL Capital Markets arranged the Freddie Mac note, while JLL Real Estate Capital will service it.
In 2018, Horizons North became the subject of a permanent $38.2 million Fannie Mae loan set to mature in November 2025, according to Yardi Matrix information. Fifteen Group had acquired the asset in 1999 from LNR Property.
JLL Capital Markets Managing Director Mark Wintner, Director Joshua Odessky and Analyst Charlie Foy led the debt advisory team that arranged the refinancing loan.
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The community is close to Interstate 95, which connects Horizons North to downtown Miami, 17 miles south. Other major thoroughfares in the area include U.S. Route 441 and Florida State Route 860.
Horizons North, up close
Completed in 1982 at 665 Ives Dairy Road, the property comprises three four-story buildings across a 12-acre site. The unit mix consists of one-, two- and three-bedroom floorplans ranging from 690 to 1,495 square feet.
Shared amenities include a fitness center, playground, spa, swimming pool and grade-level parking with 500 spots. Horizons North has undergone both interior and exterior renovations to comply with the 40-year recertification program instituted in Miami-Dade County.
Miami’s multifamily market continues to perform well, with the average advertised asking rate clocking in at $2,500, down 0.2 percent on a trailing three-month basis through August 2025, according to a recent Yardi Matrix metro report. Meanwhile, across the U.S., the multifamily sector saw advertised rents drop $8 in November to $1,740, marking the fourth consecutive month of a slowing down pattern, a recent national report from the same data provider shows.
