KKR (KKR) financed Harbor Group International’s (HGI) recent acquisition of ParkLine Miami, sources told Commercial Observer.
KKR provided a roughly $305 million whole loan for the purchase of the Downtown Miami rental complex, on which CO reported last week.
Florida East Coast Industries (FECI)— the company that operates the Brightline train line that runs through South Florida — developed the property, before putting it up for sale in September 2021 with a $500 million price tag. Sources told CO last week that HGI — which partnered with Cammeby’s International Group, AB Asset Management and Image Capital in the purchase — paid between $400 million and $500 million for it.
Although the exact purchase price couldn’t be gleaned, the deal beats out South Florida’s top 2021 residential sale by dollar amount.
HGI first announced the transaction on March 16.
ParkLine Miami sits at 100 NW 6 Street, directly above MiamiCentral. Completed in 2020, the complex includes 816 units in two luxury residential towers — one 44 stories and the other 47 stories. Resident amenities include infinity and swimming pools, running track, fitness centers and coworking spaces.
In an announcement regarding the acquisition last week, Richard Litton, the president of HGI, said the investment “represents a unique opportunity to acquire a world-class asset in a desirable, high-growth location with accessibility to major employment drivers and direct elevator access to all major regional and local transportation modes.”
“Since the inception of Brightline, Downtown Miami has seen unprecedented daytime, residential and leisure growth,” Sarah Watterson, the head of development for FECI, said in the announcement. “ParkLine Miami is the most well-positioned multifamily asset to meet and exceed the needs of this growing resident population.”
Cushman & Wakefield (CWK)’s Rob Rubano is said to have negotiated the debt on behalf of HGI, and C&W’s Robert Given, Troy Ballard and Zachary Sackley represented FECI in the sale.
Only last month, KKR closed another significant financing for HGI, providing a $364 million loan for the firm’s $475 million acquisition of Dasmen Residential’s workforce housing portfolio in North Carolina.
A KKR spokesperson and C&W officials declined to comment. HGI didn’t immediately respond to a request for comment.
Cathy Cunningham can be reached at ccunningham@commercialobserver.com