$60.9M refinancing secured for multi-housing development in Miami

MIAMI, February 5, 2024 – JLL Capital Markets announced today that it has arranged $60.9 million in construction takeout refinancing for The Kavista, a 282-unit, eight-story multi-housing development located in the El Portal neighborhood of Miami, Florida.

JLL represented the borrower, Barrington Brothers, to secure the two-year, floating rate loan with Värde Partners.

Upon completion in February 2024, The Kavista will be El Portal’s first Class A multi-housing development, featuring one-, two- and three-bedroom units, a resort-quality pool and deck, a co-working lounge, theater, fitness center and electric vehicle charging stations.

The property is located at 495 N.E. 83rd St. between Miami Shores and Little River in the Village of El Portal. Within a five-minute walk of the property includes grocers, health clubs and Biscayne Medical, and The Citadel, which features 15 restaurants, a rooftop bar and walkable retail frontage, is within close distance to the site. The development is also proximate to major thoroughfares, leveraging access to Biscayne Boulevard, SR-934 and I-95 to connect residents to over 60 million square feet of office and commercial space in the greater Miami area.

The JLL Capital Markets Debt Advisory Team representing the borrower was led by Senior Managing Director Melissa Rose, Senior Director Michael DiCosimo and Analyst Maddy McMillen.

“We are pleased to have worked with Melissa Rose and the JLL team to secure financing from Varde Partners for The Kavista. We are looking forward to this next phase as we begin welcoming our new tenants in the coming weeks. The Kavista embodies a perfect blend of comfort, convenience and community located in one of the best kept secrets in Miami, The Village of El Portal,” stated Kenneth Barrington with Barrington Brothers.

“We look forward to a long-term partnership with Barrington Brothers as they launch a well-amenitized property in the vibrant Miami market,” said Jim Dunbar, Head of Real Estate Lending at Värde.

JLL’s Capital Markets group 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 sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Barrington Brothers, LLC is a family-owned and operated company that seeks opportunistic real estate investments throughout South Florida. The partners have experience in hospitality, multifamily and residential development. For further information, visit barringtonbrothers.com.

Värde Partners is a leading global alternative investment firm specializing in credit and credit-related assets. Founded in 1993, the firm has invested more than $100 billion across the credit quality and liquidity spectrum in both public and private markets. Värde currently manages approximately $13 billion in assets with teams in North America, Europe, and Asia Pacific focused on Corporate & Traded Credit, Real Estate, and Financial Services & Diversified Private Credit. For more information, please visit www.varde.com.