Square Mile Originates $185M Refi for Miami Asset
The new community is located within a $4 billion mixed-use development.
Square Mile Capital Management has originated $185 million in refinancing for Bezel Miami, a 43-story, Class A multifamily community in Miami, within the $4 billion mixed-use development Miami Worldcenter. ZOM Living is the owner of the asset, which came online at the end of last year, with Stantec serving as architect.
The Moinian Group acted as lender, while Greystone President Drew Fletcher and Cushman & Wakefield Executive Managing Director Robert Kaplan arranged the financing. According to Yardi Matrix, the property was previously subject to a $119 million construction loan originated by the same Moinian Group back in 2019.
Encompassing a mix of studios, penthouses and one- and two-bedroom floorplans, the 434-unit Bezel Miami features stainless steel appliances, private balconies and walk-in closets. The community also offers 13th and 14th-floor amenity levels, such as a rooftop pool, lounge area and wellness center.
Miami’s taste for luxury
Miami holds a strong position among the most attractive U.S. metros to move to and developers have not overlooked this aspect over the past year. Acknowledging the market’s potential, Square Mile Capital Managing Director Eric Cohen said in a prepared statement that despite recent market volatility, the region is expected to see robust growth in the luxury sector.
With the ongoing wealth and business migration to Southern markets, combined with the region’s strong economic fundamentals, Miami has recently witnessesed a renewed boost in demand for luxury residential projects, particularly for multifamily and condo developments.
Located at 650 NE Second Ave., Bezel is part of the 27-acre Miami Worldcenter. At full build-out, the project is set to encompass some 400,000 square feet of retail, as well as hospitality options, office and additional residential components.
Bezel is also very close to an array of cultural and entertainment venues, including FTX Arena, the Perez Art Museum and the Frost Museum of Science. Additionally, the property offers connectivity to interstates 95 and 395, allowing easy transportation to the northern and southern areas of the metro.