Ares Management Provides $50M Refinancing for New Apartment Community in Miami

Originally published in:

March 2024. REBusiness Online.

https://rebusinessonline.com/ares-management-provides-50m-refinancing-for-new-apartment-community-in-miami/

Amenities at Soleste Spring Gardens include a resort-style pool with a sun deck and private cabanas.

Ares Management Provides $50M Refinancing for New Apartment Community in Miami

MIAMI — Ares Management Real Estate has provided a $50 million loan via one of its funds for the refinancing of Soleste Spring Gardens, a newly delivered apartment community in Miami’s Spring Garden district. The eight-story community is located at 1033 Spring Garden Road, two blocks from the Culmer Metrorail station. Brian Gaswirth, Chris Drew, Jesse Wright and J.J. Hovenden of JLL arranged the loan on behalf of the borrowers, The Estate Cos. and FHCP LLC.

The co-developers recently obtained a certificate of occupancy (CO) at Soleste Springs Garden, which offers studios, one- and two-bedroom units ranging in size from 400 to 1,100 square feet. Rental rates begin at $2,011, according to the property website. Amenities include a resort-style pool with a sun deck and private cabanas, outdoor kitchen and bar, dog park, pet spa, yoga lawn and electric car charging stations.