JLL Capital Markets arranges $60 million construction takeout refinancing for The Kavista, a 282-unit multi-housing development in Miami, FL

 

Melissa Rose

 MIAMI, FL, Feb. 5, 2024 – JLL Capital Markets has arranged $60.9 million in construction takeout refinancing for The Kavista, a 282-unit, eight-story multi-housing development located in the El Portal neighborhood of Miami, Florida.

 The Kavista,  a 282-unit, eight-story multi-housing
 development located in the El Portal
 neighborhood of Miami, FL.

JLL represented the borrower, Barrington Brothers, to secure the two-year, floating rate loan with Värde Partners.

 

Upon completion in February 2024, The Kavista will be El Portal’s first Class A multi-housing development, featuring one-, two- and three-bedroom units, a resort-quality pool and deck, a co-working lounge, theater, fitness center and electric vehicle charging stations.

The JLL Capital Markets Debt Advisory Team representing the borrower was led by Senior Managing Director Melissa Rose, Senior Director Michael DiCosimo and Analyst Maddy McMillen.

Michael DiCosimo 

“We are pleased to have worked with Melissa Rose and the JLL team to secure financing from Varde Partners for The Kavista. 

"We are looking forward to this next phase as we begin welcoming our new tenants in the coming weeks. 

"The Kavista embodies a perfect blend of comfort, convenience and community located in one of the best kept secrets in Miami, The Village of El Portal,” stated Kenneth Barrington with Barrington Brothers.

 

The property is located at 495 N.E. 83rd St. between Miami Shores and Little River in the Village of El Portal. Within a five-minute walk of the property includes grocers, health clubs and Biscayne Medical, and The Citadel, which features 15 restaurants, a rooftop bar and walkable retail frontage, is within close distance to the site.

Maddy McMillen

The development is also proximate to major thoroughfares, leveraging access to Biscayne Boulevard, SR-934 and I-95 to connect residents to over 60 million square feet of office and commercial space in the greater Miami area.

 

“We look forward to a long-term partnership with Barrington Brothers as they launch a well-amenitized property in the vibrant Miami market,” said Jim Dunbar, Head of Real Estate Lending at Värde.

Jim Dunbar

JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. 

The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

 

For more news, videos and research resources on JLL, please visit our newsroom.

CONTACT:

 Jenna Sharp

JLL, Public Relations

Dallas, Texas

M +1 214 394 3356

Jenna.Sharp@jll.com 

 jll.com.

 www.varde.com.

 barringtonbrothers.com. 

JLL Capital Markets represents EKN Development Group and Garn Development to secure $67 million financing for the 215-key Marriott Courtyard Residence Inn in Sand City, CA

  

 Marriott Courtyard Residence Inn,
a 215-key, duel-branded hotel
 in Sand City, CA

 NEW YORK, NY –  JLL Capital Markets has arranged a total of $67.1 million in construction financing for the development of the 215-key, duel-branded hotel, Marriott Courtyard Residence Inn in Sand City, California.

 

JLL represented the borrower, EKN Development Group and Garn Development, and secured the first mortgage loan of $39 million from HALL Structured Finance, and Nuveen Green Capital provided a CPACE loan of $28.1 million.

 

The 139,660-square-foot building will include 215 guest rooms. The Courtyard by Marriott includes 127 guestrooms and features the brand’s clean lines, combining beach style with a modern feel. The Residence Inn by Marriott includes 88 rooms designed for the longer-stay guest.

Ebbie Khan Nakhjavani

The development will feature 3,133 square feet of flexible meeting space, a spacious courtyard with a resort style pool, luxurious cabanas and a fully equipped stage to accommodate live performances and events. The hotel will also include an epicurean experience with an independently branded restaurant and bar.

 

The property is located along the scenic coast of Sand City, California. With its prime location, the property benefits from its proximity to Monterey State Beach and Cannery Row. 

As the only new select-service/extended-stay hotel in the area, it takes advantage of the steady demand generated by attractions such as the Monterey Bay Aquarium, Laguna Seca Raceway, world-class golf courses and stunning landscapes that attract visitors from all over the world.

 

“In this economic climate and inherent stricter loan requirements, the demand for innovative financing methods and sources are crucial to the success of all projects," said Ebbie Khan Nakhjavani of EKN Development. 

  

Cory Jubran 

"Working with the JLL team has always presented viable alternatives and we just closed our second deal with them in Sand City. JLL’s approach to creative financing was a game-changer for our project in Sand City, particularly in these difficult economic conditions.”

 

“We at Nuveen Green Capital are very much excited about the proposed project and have great confidence in its success. This transaction is another example of a growing list showing how C-PACE can be used to offer an accretive financing solution for owners and developers,” added Cory Jubran of Nuveen Green Capital.

 

For more news, videos and research resources, please visit JLL’s newsroom

 

CONTACT: 

 

Alli Stent

PR, Hotels & Hospitality, 

Capital Markets

Chicago | JLL
M +1 330 329 6750

The Keyes Company Welcomes Madeline Mordarski as Chief Marketing Officer

Madeline Mordarski

  Miami, FL, Feb. 5, 2024 – The Keyes Company made a significant addition to its leadership team with the arrival of

Madeline Mordarski as Chief Marketing Officer of the leading independent real estate brokerage.

Based in Miami, Mordarski will oversee the firm’s marketing efforts and work closely with Keyes executive leadership on strategic initiatives to support the firm in accomplishing ambitious growth plans.

Mordarski has an extensive background developing creative and scalable marketing strategies and leading cross-functional teams in the real estate industry. Prior to joining Keyes, she spent seven years in multiple key roles in marketing and operations at Compass, most recently as Senior Manager, Business Operations.

Christina Pappas

“Madeline’s vast experience executing large-scale marketing initiatives and strategy to drive growth was incredibly attractive to our executive leadership team,” Keyes President Christina Pappas said.

 “We have aggressive goals for the next decade when it comes to expanding our agent roster and market share throughout Florida. Our new exclusive partnership with Forbes Global Properties, coupled with Madeline’s expertise and leadership, will be critical in achieving those milestones.”

Earlier in her career, Mordarski founded a successful boutique consulting agency that specialized in branding, PR, partnerships, and digital media within the health, wellness and fitness industry.

Mordarski earned her BA in Strategic Communication from Ohio State University and her MBA from Regent’s University in London.

CONTACTS: 

 

Eric Kalis and Daniel Benjamin,

 BoardroomPR

ekalis@boardroompr.com or

dbenjamin@boardroompr.com

954-370-8999

 

 C 954-618-8287