News release

Workforce housing community refinanced, taking advantage of low rates

JLL Capital Markets secured the loan for Elizabeth Gardens through an affiliate of Bayview Asset Management

May 27, 2021

MIAMI, May 27, 2021 – JLL Capital Markets announced today that it has arranged financing for Elizabeth Gardens, a 140-unit garden-style workforce housing community located at 8400 N.W. 25th Ave. in Miami, Florida.

JLL worked on behalf of the borrower, Elizabeth Gardens of Miami LLC, which is headed by Lisa Ramos and Lisette Nunez, to secure the loan through Oceanview Life and Annuity Company, an affiliate of Bayview Asset Management, LLC. This new financing allows Elizabeth Gardens of Miami LLC to repatriate a meaningful amount of equity at a substantially lower cost of capital.

Elizabeth Gardens consists of 140 studio, one, two and three-bedroom apartment units and roughly 18,000 square feet of commercial space. The borrower acquired Elizabeth Gardens from a non-profit organization in July 2019 as a distressed asset and subsequently executed an extensive capital improvement plan. They aggressively marketed and rapidly leased up the vacant property, which currently sits at 100% occupancy.

The restoration of the property provides Miami with 140 quality workforce housing units, which the city needs as rental rates push higher. According to Costar, this submarket experienced 2% rent growth during the COVID-19 pandemic. As one of the most affordable submarkets in the metro, this area is crucial for Miami’s renting workforce which comprises 67 percent of the population.

The property sits on 11.7 acres and per current zoning, the density permitted on the site is 1,123 residential units, meaning there is a redevelopment opportunity in the future. Elizabeth Gardens is located in the West Little River neighborhood of Miami, roughly six miles from both Miami International Airport, one of the region’s largest economic drivers, and Miami-Opa Locka Executive Airport, another major transportation hub. Elizabeth Gardens, on NW 27th Avenue, a major N/W throughway, and is likewise two miles from an on-ramp of Interstate 95, an arterial north-south highway providing access to the whole of South Florida and beyond.

The JLL Capital Markets team was led by Managing Director Jim Dockerty and Director Jesse Wright. The Bayview team was led by Marco Lainez and Kyle Rowe.

“The sponsor’s investment in this neighborhood has enhanced its workforce housing stock at a time when many areas are in an affordability crisis,” said Wright. “The lender’s market leading terms returned borrower equity at highly accretive pricing which will permit the Sponsor to identify similar investment opportunities.”

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.

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About JLL

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 $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About Elizabeth Gardens of Miami LLC

The principals of Elizabeth Gardens of Miami LLC specialize in managing and stabilizing bank-owned properties. The leadership team includes Lisa Ramos and Lisette Nunez, who formed Urban Point Properties and Stone Pine Properties, respectively, in which they were very active from 1998 to 2007. Focused on capturing REO business during the Great Recession, Lisa and Lisette worked directly with legal teams and asset managers to acquire, stabilize, manage, and dispose of all types of bank-owned properties. As the market improved, this business evolved into a full-service real estate development and investment company. They have been very successful in turning around numerous distressed properties with a hands-on approach from leadership. Under Urban Point Properties, Lisa and Lisette purchased vacant land throughout Florida and obtained development rights and other entitlements, working directly with legal, architectural and land-planning teams to produce a full development package. Once completed, the development packages were sold to other developers. Under Stone Pine, Lisa and Lisette acquired smaller parcels in the Miami submarkets of Coral Gables, Key Biscayne, Pinecrest, Palmetto Bay, and Homestead as well as numerous condominium conversion projects. 

About Bayview Asset Management

Bayview Asset Management, LLC is an investment management firm focused on investments in mortgage and consumer credit, including whole loans, asset backed securities, mortgage servicing rights, and other credit-related assets. Founded in 1993, Bayview is headquartered in Coral Gables, FL, with additional asset management offices in New York, London, and Geneva, and loan servicing and origination affiliates in seven U.S. states and Milan, Italy. The firm employs approximately 180 professionals dedicated to sourcing, pricing, trading, and analyzing credit-related investment opportunities. As of March 2021, Bayview managed approximately $14.9 billion in AUM.