Skip Ribbon Commands
Skip to main content

News release

MIAMI, FL

Prime Miami Land Site to Propel Market Demand for Condominiums  

JLL secures $46.8 million in land acquisition and predevelopment financing for Monad Terrace


MIAMI, Aug. 17, 2015 – On behalf of JDS Development Group and Mink Development, JLL’s Capital Markets experts today announced the firm has secured $46.8 million in land acquisition and predevelopment financing for Monad Terrace, a proposed waterfront condominium tower located in Miami’s South Beach submarket. Vanbarton Group provided the loan.
 
Managing Directors Aaron Appel and Denny St. Romain, Senior Vice Presidents Charles Crapse and Brett Rosenberg and Vice President Mark Kindrachuk, and led the JLL team on the transaction.
 
“This is one of the only new, large-scale developments in the area, and will be one of the top condominium assets in Miami due to best-in-class sponsorship,” said Appel. We expect it will appeal to both international and domestic buyers.”
 
Added St. Romain, “Lenders were drawn to Miami’s thriving international market, abundance of multinational firms and proximity to the area’s top employers.”
 
The development will be a 274,136-square-foot condominium tower featuring unobstructed views of Biscayne Bay and Miami Skyline including 63,750 square feet of parking. Individual units will offer upscale modern finishes with first-class amenities and proximity to the beach, city, and major employers. The property is located at West End Avenue and Biscayne Bay with convenient access to multiple subway lines.     
 
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2014 alone, JLL Capital Markets completed $118 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 1,700 specialists, operating all over the globe.
 
For more news, please visit The Investor, an online and mobile app news source providing real-time commercial real estate news to asset buyers and sellers around the world.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: http://bit.ly/18P2tkv.
 
About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000.  On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316 million square meters, and completed $118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment Management, has $56.0 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.