JLL arranges $34M financing for Miami multi-housing development
Loan proceeds will fund the construction of a 194-unit community in the Little Havana submarket
MIAMI, February 21, 2020 – JLL Capital Markets announced today that it has arranged $34 million in financing for the development of First - Little Havana, a 194-unit multi-housing project located in Miami’s Little Havana submarket.
First - Little Havana will be situated at 7th Avenue and SW 1st Street one block from West Flagler Street within the Little Havana submarket, which boasts a rich heritage of culture and entertainment while also being adjacent to Miami’s financial and medical districts. Due for completion in 2021, the property will total nearly 160,000 square feet of residential space with 7,000 square feet of ground-floor retail and a total of 231 garage parking spaces. The development will feature a resort-style pool, fitness center, yoga studio and dog park.
“PREMIUM Development has established itself as a premier residential developer within Europe and is endeavoring to replicate their success within South Florida. We were able to identify a strategic lender that seeks to help facilitate PREMIUM’S growth here,” Gaswirth said. “Man GPM structured highly accretive terms to help the developer plant their flag in the dynamic Miami market.”
“This project is aligned with our lending strategy of targeting what we believe to be high-quality real estate in established locations, with a focus on developments and value-add properties backed by experienced sponsors,” said Jonathan Schube, head of U.S. Commercial Real Estate Debt at Man GPM.
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 investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 93,000 as of December 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About PREMIUM Development Inc.
Building on more than 20 years of real estate experience in the European market, PREMIUM Development Inc. was founded in 2017 as the U.S. office of the PREMIUM Group. By tapping into local market expertise, PREMIUM Development Inc. leverages the experience, philosophy and development values of the PREMIUM Group to identify and develop multifamily projects in urban cores.
Founded in Vienna, Austria, in 1995, the PREMIUM Group is a leader in the multifamily, real estate development market. With a team of 78 employees and a total investment value of more than €1.4 billion, the PREMIUM Group has successfully built 280 projects, including more than 7,800 units and a cumulative living space of 570,000 m² / 6,100,000 sf. PREMIUM’s merchant development business model focuses on developing smartly designed, market-rate residential buildings and communities in fast-growing, highly livable cities, such as Vienna, Berlin and Miami, and then stabilizing the asset for disposition.
About Man GPM
Man GPM is the global private markets engine of Man Group plc. The firm invests in real and corporate assets across the capital structure globally, and has long-standing experience in real estate equity and debt investments and specialty lending. Man GPM takes a hands-on approach to origination, in-house structuring and ongoing active management of its investments with the intent of generating alpha on behalf of its institutional investors.
Man GPM has offices in the U.S., U.K. and Switzerland with a team of 31 investment professionals, supported by Man GPM and Man Group’s infrastructure and shared resources. As of September 30, 2019, the team manages USD 3.3 billion in assets, including committed capital.