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Estate Companies Obtains $50M Miami Apartment Refi

The Estate Companies and FHCP have procured a $50 million refinancing of the recently completed Soleste Spring Gardens, an eight-story Class A luxury rental community with 240 units within Miami’s historically designated Spring Garden district. Financing was provided by an Ares Management Real Estate fund and arranged by a JLL team led by Brian Gaswirth.

Soleste Spring Gardens offers studios, one- and two-bedroom units ranging in size from 400 to 1,100 square feet. Amenities include a resort-style pool with sun deck and private cabanas, outdoor kitchen and bar, dog park, pet spa, yoga lawn and electric car charging stations. 

The apartments are also in the Miami Health District. Recognized as the second-largest medical district in the U.S. after Houston with approximately 30,000 employees, the Miami Health District includes Jackson Memorial Hospital and the University of Miami Hospital. 

The Estate Companies has 4,000 rental units and 153,000 square feet of commercial space in the pipeline throughout the tri-county region. 

On April 18, join multihousing’s leaders and dealmakers when they explore the most important topics facing the Phoenix and Scottsdale markets today. Register to attend and hear expert insights first-hand, network with the best in the industry, and sit in on discussions you won’t hear anywhere else. Connect Phoenix Multifamily & Single-Family Build-to-Rent on April 18 at the Westin Kierland Resort & Spa.  

March 2023. ConnectCRE.


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