Lloyd Jones JV Secures $51M for Miami Luxury Community
JPMorgan Chase Bank originated the loan.
Lloyd Jones and STRE Management have obtained $50.8 million for The Vibe, a 194-unit luxury community in Miami. JPMorgan Chase Bank originated the note that replaces existing construction debt, Miami-Dade County records show. JLL Capital Markets arranged the five-year, fixed-rate CMBS loan on behalf of the borrowers.
The Vibe was 96.4 percent occupied at the time of the transaction. The property benefits from Florida’s Live Local Act, which provides a 75 percent tax exemption for units reserved for residents earning 80 to 120 percent of the area median income for projects with at least 71 qualifying units.
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Lloyd Jones and STRE Management acquired The Vibe for $92 million in 2022. The partners financed the purchase with a $61.4 million loan issued by Aegon Insurance Co., Yardi Matrix data shows.
Completed in 2021, the community comprises two eight-story buildings at 700 SW First St. It occupies a 1.5-acre lot within the Little Havana neighborhood, close to Interstate 95 and several cultural venues, retail options and business hubs in Brickell and downtown Miami. The city’s international airport is 6 miles away.
Apartments at The Vibe have one- to four-bedroom floorplans with an average size of 843 square feet. Interiors include full-size washers and dryers, oversized closets with custom closet organization in select residences and private balconies or terraces.
Common-area amenities comprise a swimming pool with sundeck and lounge seating, a fitness center, a yoga studio, a lobby, a clubhouse, grilling stations and a coworking lounge, as well as a gated dog park and pet wash station. Other features include bike storage, EV charging stations, an on-site mini market and some 230 parking spots. The property also incorporates 7,625 square feet of fully leased retail space.
JLL Managing Director Jesse Wright, Director Joshua Odessky and Analyst Luke Maganas led the team that worked on behalf of Lloyd Jones and STRE Management.
Capital flows in Miami’s multifamily sector
Miami’s multifamily sector continues to benefit from robust financing activity, with top multifamily lenders providing capital for both new and completed projects.
Earlier in October, a joint venture between Fuse Group and KREA Developments obtained a $127 million construction take-out loan for The Arcadian, a 502-unit community in Fort Lauderdale, Fla. Madison Realty Capital issued the note for the property that came online this year.
And in September, Terra Group secured $245 million for a 578-unit community marking the first phase of Upland Park, a $1 billion mixed-use project with retail, commercial and hospitality spaces. SCALE Lending, a subsidiary of Slate Property Group, provided the loan.
