Lloyd Jones and STRE Management have secured $50.8 million in refinancing for The Vibe, a 194-unit luxury apartment community in Miami’s Little Havana neighborhood. JPMorgan Chase Bank provided the five-year, fixed-rate CMBS loan, arranged by JLL Capital Markets. The financing replaces existing debt on the 2021-built property, which was 96.4 percent occupied when the transaction closed.
Key takeaways
- The $50.8 million loan refinances construction debt on The Vibe.
- The 194-unit community was 96.4 percent occupied at the time of the financing.
- The property qualifies for a Florida tax exemption tied to income-restricted housing.
The deal adds to a series of large multifamily financings across South Florida, as lenders provide capital for both completed properties and newly delivered projects.
Loan refinances existing debt
JPMorgan Chase originated the five-year, fixed-rate commercial mortgage-backed securities loan. JLL Capital Markets arranged the financing for the joint venture, with Managing Director Jesse Wright, Director Joshua Odessky and Analyst Luke Maganas leading the team.
Lloyd Jones and STRE Management acquired The Vibe in 2022 for $92 million. The partners financed that purchase with a $61.4 million loan from Aegon Insurance Co., according to Yardi Matrix data. The new financing replaces the property’s existing construction debt.
Little Havana community includes retail space
Completed in 2021, The Vibe consists of two eight-story buildings at 700 SW First St. The 1.5-acre site is near Interstate 95 and offers access to cultural destinations, shops and employment centers in Brickell and downtown Miami. Miami International Airport is about six miles away.
The apartments range from one to four bedrooms, averaging 843 square feet. Features include full-size washers and dryers, private balconies or terraces, and organized closet systems in select units. Amenities include a pool, fitness center, yoga studio, clubhouse, coworking lounge, dog park and pet wash station. The community also has EV charging, bike storage, a mini market and roughly 230 parking spaces, alongside 7,625 square feet of fully leased retail space.
The property benefits from Florida’s Live Local Act. For qualifying projects with at least 71 eligible units, the law offers a 75 percent property tax exemption for units reserved for residents earning between 80 and 120 percent of area median income.
Financing activity continues across South Florida
The Vibe refinancing follows other significant multifamily loans in the region. Earlier in October, a Fuse Group and KREA Developments venture received $127 million for The Arcadian, a 502-unit Fort Lauderdale community. In September, Terra Group secured $245 million for the 578-unit first phase of its Upland Park development in Miami, part of a planned mixed-use project valued at $1 billion.