JSB Refis Suburban Miami Apartment Complex With $220M
By Julia Echikson May 17, 2023 3:44 pm
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JSB Capital Group refinanced an apartment complex in Doral, Fla., with $219.9 million, according to JLL (JLL), which arranged the debt.
The Miami Beach-based firm acquired the property called Landmark South in 2021 for $255 million, just after the property had been completed, according to property records. Built across two phases in 2017 and 2021, the complex at 6055 NW 105th Court features 631 units across three buildings, totaling 1 million square feet.
The financing includes a five-year, $154.1 million senior loan from Freddie Mac Multifamily as well as $65.8 million in preferred equity from Pensam, Miami-based multifamily real estate investment platform.
JLL’s Jesse Wright, Brian Gaswirth, Maurice Habif, Simon Banke and Ted Taylor brokered the debt.
The financing package marks JSB’s second funding round for Landmark South. Shortly after the 2021 acquisition, the firm nabbed a $212 million mortgage from KKR, per records.
It is also one of the latest financing deals to combine preferred equity with a traditional senior loan, a move that’s become more common as interest rates have made lenders more squeamish and debt more expensive.
“We have been incredibly active in providing structured finance solutions to complete the capital stack on deals such as Landmark South,” Hen Shoval, Pensam’s director of investments, said in a statement.
“The current interest rate environment is leading to compressed senior loan proceeds, which in turn is creating funding gaps that can be addressed with Pensam’s preferred equity or mezzanine debt,” the executive added.
Julia Echikson can be reached at jechikson@commercialobserver.com.
