JLL Capital Markets announced that it has arranged financing for Elizabeth Gardens, a 140-unit garden-style workforce housing community located at 8400 NW 25th Ave. in Miami, FL.
JLL said it worked on behalf of the borrower, Elizabeth Gardens of Miami LLC, which is headed by Lisa Ramos and Lisette Nunez, to secure the loan through Oceanview Life and Annuity Company, an affiliate of Bayview Asset Management, LLC. This new financing allows Elizabeth Gardens of Miami LLC to repatriate a meaningful amount of equity at a substantially lower cost of capital. The JLL Capital Markets team was led by Managing Director Jim Dockerty and Director Jesse Wright. The Bayview team was led by Marco Lainez and Kyle Rowe.
“The sponsor’s investment in this neighborhood has enhanced its workforce housing stock at a time when many areas are in an affordability crisis,” said Wright. “The lender’s market leading terms returned borrower equity at highly accretive pricing which will permit the Sponsor to identify similar investment opportunities.”
