JSB Lands $220M Recapitalization for Miami-Area Asset
Pensam provided $65.8 million in preferred equity.
The Landmark South. Image courtesy of Yardi Matrix
JSB Capital Group has obtained a $219.9 million recapitalization for The Landmark South, a 631-unit multifamily community in Doral, Fla. The capital stack comprises a five-year, $154.1 million senior Freddie Mac loan and $65.8 million in preferred equity from Pensam. JLL Capital Markets arranged the financing.
JSB acquired the property for $255 million from Canyon Partners in 2021, according to Yardi Matrix information. The buyer financed the purchase with a $212 million loan, originated by KKR.
Completed in two phases in 2018 and 2021, the property incorporates one-, two- and three-bedroom floorplans ranging from 680 to 1,445 square feet. Apartments feature walk-in closets, in-unit washers and dryers, terraces and granite countertops. Community amenities include a sauna, two swimming pools, a fitness center, a pet spa and outdoor grilling areas.
Located at 6055 NW 105th Court, the mid-rise community is roughly 15 miles west of downtown Miami and some 10 miles from the Miami International Airport. Multiple dining and retail options are within walking distance of the property.
JLL Senior Directors Jesse Wright, Simon Banke and Ted Taylor, along with Managing Directors Brian Gaswirth and Maurice Habif, led the team that secured the financing. Hen Shoval, director of investments at Pensam, stated in prepared remarks that, through preferred equity investments and mezzanine debt, the company intends to fill funding gaps created by the effect of the current interest rate environment on senior financing options.
