Fifteen Group has successfully obtained a $52.6 million refinancing loan for Horizons North, a significant 276-unit garden-style apartment community located in Miami. This strategic financial move was facilitated by JLL Capital Markets, with JLL Real Estate Capital set to service the new Freddie Mac note.
Key Takeaways
- Fifteen Group secured a $52.6 million refinancing loan for the Horizons North apartment community in Miami.
- The loan was arranged by JLL Capital Markets and will be serviced by JLL Real Estate Capital.
- Horizons North, built in 1982, comprises 276 units across three four-story buildings on a 12-acre site.
- The community has undergone recent renovations to meet Miami-Dade County’s 40-year recertification program requirements.
Property Overview
Horizons North, situated at 665 Ives Dairy Road, was originally completed in 1982. The property spans 12 acres and features three four-story buildings. The unit mix includes a variety of one-, two-, and three-bedroom floorplans, with sizes ranging from 690 to 1,495 square feet. Residents benefit from a range of shared amenities, including a fitness center, playground, spa, and swimming pool. The community also offers ample parking with 500 grade-level spots.
Strategic Location and Market Context
The apartment community boasts a convenient location, with close proximity to Interstate 95, providing easy access to downtown Miami, which is approximately 17 miles to the south. Other major roadways in the vicinity include U.S. Route 441 and Florida State Route 860, further enhancing connectivity. This refinancing comes at a time when Miami’s multifamily market continues to show resilience. While the average advertised asking rent in the metro area was reported at $2,500 as of August 2025, a slight decrease of 0.2 percent over a three-month period, the sector remains a strong performer nationally. This contrasts with a broader national trend where multifamily rents saw a modest drop in November.