Barrington Brothers has obtained $60.9 million in construction refinancing for the development of The Kavista, a 282-unit project in Miami. Värde Partners provided the two-year, floating rate loan in a transaction arranged by JLL Capital Markets.
The note retires a $60 million construction loan originated by Trez Capital in March 2022. A few months later, work started on the eight-story building and completion is expected next month. The development team also included general contractor ANF Group and designer MODIS Architects, along with landscape firm Nielsen Landscape Architects.
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The Kavista will comprise one-, two- and three-bedroom layouts, ranging from 567 to 1,389 square feet. Apartments will feature washers, dryers, quartz countertops and private balconies in select units.
Common-area amenities include a fitness center, business center, clubhouse and swimming pool with deck. Additionally, the property will have a media room, a coworking lounge, EV charging stations and some 350 parking spaces.
The building is rising at 471 NE 83rd St. in the El Portal neighborhood, close to a host of dining and retail options including the Midpoint shopping mall. Downtown Miami is 7 miles away, while Miami International Airport is within 10 miles. The community is also some 5 miles from a 237-unit project that is also expected to come online this year.
The JLL Capital Markets Debt Advisory team who represented the borrower included Senior Managing Director Melissa Rose, Senior Director Michael DiCosimo and Analyst Maddy McMillen.
Miami’s growing multifamily inventory
According to Yardi Matrix information, there are more than 90 communities currently under construction in Miami, which will add about 28,500 units to the city’s inventory upon completion.
In November, LNDMRK Development and Oak Row Equities received the local authorities’ approval for the construction of a 324-unit luxury community in Miami’s Edgewater neighborhood. The 38-story tower, designed by Arquitectonica, is expected to come online in 2026.
A few months earlier, Fisher Brothers broke ground on a multifamily property that will feature 308 units and is scheduled for completion next year. JPMorgan Chase and affiliates of Canyon Partners provided a $117.5 million construction for this project.
