Firm arranges $137M construction loan for 59-unit, luxury, waterfront condominium units in South Beach
JLL’s Capital Markets experts arranged $137 million in financing with Madison Realty Capital for the construction of Monad Terrace in the Miami Beach, Fla. The construction loan was secured on behalf of JDS Development Group.
Vice Chairman Aaron Appel led the JLL Capital Markets professionals handling the debt assignment. Appel worked closely with Michael Stern, CEO, of JDS Development, which is developing the project with partners New Valley LLC, Ackerman Development and Mink Development.
“JLL was able to close one of the largest construction loans issued for a Miami Beach residential development so far this year,” said Appel. “It speaks to the quality of Monad Terrace that Madison Realty had the confidence to fully finance the construction of the project.”
Monad Terrace, located at 1300 Monad Terrace, will offer 59 luxury waterfront condominium residences on Biscayne Bay in South Beach. Construction on the Jean Nouvel-designed project is slated to begin next month, with completion slated for fall 2019.
JLL Capital Markets 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 a sale, financing, repositioning, advisory or recapitalization execution. In 2017, the firm’s 2,000 Capital Markets specialists completed $170 billion in investment sale and debt and equity transactions globally.
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JLL is a leader in the New York tri-state commercial real estate market, with more than 2,400 of the most recognized industry experts offering brokerage, capital markets, property/facilities management, consulting, and project and development services. In 2016, the New York tri-state team completed approximately 28.2 million square feet of lease transactions; arranged investment sales, notes, debt and equity transactions valued at more than $12.0 billion; managed projects valued at $7.9 billion; and oversaw a property management, facilities management and agency leasing portfolio exceeding 146.7 million square feet.
JDS Development Group
JDS Development Group is a real estate development, construction, and acquisition firm based in New York that is driven by an unmatched commitment to quality and innovation. The firm has more than nine million square feet of property in various stages of development and a portfolio that includes the record-setting Walker Tower and Stella Tower, 626 First Avenue, and 111 West 57th Street.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with nearly 300 corporate offices, operations in over 80 countries and a global workforce of 83,500 as of March 31, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit ir.jll.com.
