Bain Capital Provides $118M Refi for Fisher Brothers’ New Rental in Miami

Fisher Brothers secured $117.5 million from Bain Capital to refinance a newly completed multifamily building in Miami’s Wynwood neighborhood. 

The floating-rate, interest-only bridge financing covers Joule House, a 308-unit development at 2200 Northwest First Avenue, on the corner of First Avenue and 22nd Street. The New York-based developer completed the asset in September.

“This transaction represents a unique opportunity to partner with a best-in-class owner-operator in Fisher Brothers as they continue their thoughtful stabilization of a premier asset in an attractive, high-growth market,” Mark Gormley, a managing director at Boston-based Bain Capital Credit, said in a statement.

A representative for Fisher Brother declined to provide the occupancy rate of Joule House. Keith Kurland, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Michael Diaz, Michael Ianno, Christopher de Raet and Edward Leboyer of Walker & Dunlop represented Fisher Brothers in the transaction.

The fourth-generation real estate company obtained a $117.5 million construction loan from J.P. Morgan Chase and Canyon Partners in 2023 after paying $17.6 million two years earlier for the 1.54-acre site. 

The eight-story building was Fisher Brothers’ first project in Miami. The firm is best known for owning legacy office buildings in New York City’s Midtown. 

Besides the residential component, Joule House includes 26,000 square feet of ground-floor retail space, where high-end smoothie joint Sunlife Organics will open a 2,000-square-foot location later this year.

Julia Echikson can be reached at jechikson@commercialobserver.com.