US real estate lender S3 Capital has provided a $111m (€97.1m) construction loan to HA Emprendimientos for the development of a 36-storey luxury multifamily tower in Miami, Florida.
JLL Capital Markets’ managing director Max La Cava worked on behalf of HA Emprendimientos to arrange the financing for the 328-unit Sense22 project located in the city’s Edgewater submarket.
Steven Jemal, managing director of origination at S3 Capital, said: “We like the Edgewater market because of its premier location. It’s close enough to Biscayne Boulevard, Wynwood, and the Design District to stay connected to Miami’s core, without asking residents to live in the middle of Downtown.
“That dynamic combined with the recent absorption trends and the Live Local tax structure made Sense22 a compelling opportunity for us.”
Ignacio Aldazabal, CEO of HA Emprendimientos, said: “We identified Edgewater as a neighbourhood with tremendous growth potential and proven financial performance. That’s the combination that keeps bringing us back to invest here.”
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