Miami Apartment Complex Lands $72M Refi
Nuveen provided the financing for a 236-unit project along Biscayne Bay
By Jeff Ostrowski August 7, 2025 4:25 pm
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The Adela at Mimo Bay apartment complex in Miami has secured a $72 million refinancing, JLL Capital Markets announced Thursday.
The 236-unit multifamily property is at 6445 Northeast Seventh Avenue, a site along Biscayne Bay in Miami’s Upper East Side neighborhood.
JLL worked on behalf of the borrower, Atlanta-based Acre, to arrange a three-year, floating-rate loan issued by Nuveen Real Estate. The financing package includes $63.1 million in funding now, plus $8.9 million for upgrades to the property, including the addition of 14 new units. ACRE plans to begin upgrades in September, with completion expected in 2026.
The project previously had a $51 million mortgage.
Adela at MiMo Bay is a midrise residential complex built in 2020. Rents range from $2,439 a month for one-bedrooms to $4,781 for three-bedrooms, according to the property’s website. The project boasts a resort-style swimming pool and a fitness center.
JLL Capital Markets’ Jesse Wright, Peter Rotchford andJJ Hovenden led the effort representing the borrower, with help from analysts Aaliyah St. Louis and Miguel Pedersen.
Jeff Ostrowski can be reached at jostrowski@commercialobserver.com.
