JLL’s Capital Markets experts arranged $137 million in financing with Madison Realty Capital for the construction of Monad Terrace in the Miami Beach, Fla.
The construction loan was secured on behalf of JDS Development Group.
Vice Chairman Aaron Appel led the JLL Capital Markets professionals handling the debt assignment. Appel worked closely with Michael Stern, CEO, of JDS Development, which is developing the project with partners New Valley LLC, Ackerman Development and Mink Development.
“JLL was able to close one of the largest construction loans issued for a Miami Beach residential development so far this year,” said Appel.
“It speaks to the quality of Monad Terrace that Madison Realty had the confidence to fully finance the construction of the project.”
Monad Terrace, located at 1300 Monad Terrace, will offer 59 luxury waterfront condominium residences on Biscayne Bay in South Beach. Construction on the Jean Nouvel-designed project is slated to begin next month, with completion slated for fall 2019.
Also in Florida, the team arranged a $140 million floating-rate loan to refinance The Faena Hotel and the West of Collins properties in the Faena District, a newly created and highly curated urban neighborhood in Miami Beach.
The team worked on behalf of Access Industries Inc. to place the loan with Apollo Commercial Real Estate Finance Inc.
Appel, along with Managing Director Kevin Davis, and Executive Vice Presidents Mark Fisher and Brett Rosenberg led the JLL Capital Markets team handling the debt assignment.
The Faena Hotel is located in the Faena District Miami Beach which totals more than one million square feet of branded hospitality, residential, cultural and commercial space designed and developed to be a world-class destination.
The District features the ultra-luxury Faena Hotel; the boutique-luxury Casa Faena; the Faena Hotel Residences; Faena Forum event space; Faena Bazaar office and retail; Faena Park retail, and Faena parking for residents and hotel guests.