STRE Management and Lloyd Jones have secured a $50.8 million refinancing for The Vibe, a 194-unit luxury multifamily community in Miami’s Little Havana neighborhood. The financing recapitalizes a recently delivered property that has quickly reached a high level of occupancy in one of Miami’s best-known urban districts.
JLL’s Capital Markets Debt Advisory team represented the borrowing partnership. The advisory team was led by Jesse Wright, Joshua Odessky and Luke Maganas, who arranged a five-year, fixed-rate CMBS loan on the asset. While the lender was not disclosed, the execution places the property within the securitized debt market and provides the sponsorship group with term, rate and structure that align with the business plan for the community.
The Vibe benefits from Florida’s Live Local Act (SB 102), a state program designed to support housing affordability for middle-income residents. Under this legislation, projects with at least 71 qualifying units that are reserved for residents earning 80% to 120% of area median income are eligible for a 75% ad valorem property tax exemption on those restricted units. The Vibe meets these criteria and is currently 96.4% leased, underscoring demand for this type of product in Little Havana.
Completed in 2021, The Vibe consists of two eight-story residential buildings that frame a modern multifamily community. In addition to the residential component, the property includes 7,625 square feet of fully leased commercial space, creating an activated streetscape and additional income stream for ownership. The leased status of the commercial space complements the strong multifamily occupancy and supports the underwriting profile for the refinancing.
The community’s unit mix features one-, two- and four-bedroom apartments, each with private balconies or terraces. These layouts are designed to serve a range of household sizes seeking contemporary rental housing near Miami’s urban core. Among the property’s amenities are a sundeck with pool and lounge seating, providing outdoor gathering and relaxation space for residents, as well as a health-club-quality fitness center equipped with free weights and cardio machines.
With stabilized occupancy, in-place commercial tenancy and a favorable property tax structure under the Live Local Act, the new CMBS loan positions STRE Management and Lloyd Jones to hold The Vibe through the current term while continuing to serve the demand for income-restricted and market-rate housing in Little Havana.
