Fisher Brothers Secures $117.5 Million Refinancing from Bain Capital for Joule House, A New Mixed-Use Multifamily Community in Wynwood

Fisher Brothers, the fourth-generation real estate company known for creating design-forward, community-oriented destinations across the country, has secured a $117.5 million refinancing from Bain Capital for Joule House, Wynwood’s most design-forward residential community.

Rising eight stories at 2200 NW 1st Avenue, Joule House was named after the joule, the unit of measurement for energy, embodying the dynamic spirit of its location. The recently delivered residential property features 308 luxury residences, expansive indoor-outdoor amenities, and Calle Collective, an immersive arts and cultural destination blending retail, creativity, and community

“The successful refinancing of Joule House is a strong reflection of both the property’s performance since opening last summer and the market’s confidence in well-executed, design-driven residential communities in Wynwood,” said Winston Fisher, Partner at Fisher Brothers. “From day one, our vision was to create something that truly resonates with the neighborhood’s energy and culture, and it’s been rewarding to see that translate into strong leasing, retail momentum, and continued investor interest.”

“This transaction represents a unique opportunity to partner with a best-in-class owner-operator in Fisher Brothers as they continue their thoughtful stabilization of a premier asset in an attractive, high-growth market,” said Mark Gormley, a Managing Director at Bain Capital Credit. “We are proud to have been selected as their partner of choice on this transaction and look forward to supporting the continued development of Joule House as one of Miami’s most innovative and dynamic communities.”

"Miami's strong migration trends, driven by corporate relocation and job growth, have injected significant wealth into the region, reinforcing its multifamily market," said Keith Kurland, Senior Managing Director of Capital Markets and Co-Head of Institutional Advisory at Walker & Dunlop. "We were pleased to partner with Fisher Brothers and Bain Capital on Joule House, arranging a floating-rate, interest-only bridge loan that met our client's strategic objectives and delivered a creative, market-leading solution alongside best-in-class sponsorship."

In December, Fisher Brothers announced a new retail lease with Sunlife Organics at Calle Collective, a new art-infused cultural destination located within the vibrant retail base of Joule House. Renowned for its organic smoothies (including its famed ‘Billion Dollar Smoothie’), bowls and provisions, Sunlife Organics is anticipated to open in Q3 2026.

Open to the public, Calle Collective transforms over 26,000 square feet of everyday walls into a kaleidoscope of color and meaning. Curated in partnership with WXLLSPACE and designed as the neighborhood’s next cultural and social destination, Calle Collective showcases 19 large-scale murals by Miami-based artists, each a bold expression of style and personal inspiration redefining the convergence of art, commerce and community.

Joule House offers a desirable mix of studio, one-, and two-bedroom layouts, along with select two- and three-bedroom penthouses ranging from 985 to 1,400 square feet. Interiors by ID & Design International (IDDI) showcase neutral palettes, bold accents, and contemporary finishes that capture the essence of the neighborhood. Spanning 23,000 square feet, Rockwell Group has thoughtfully crafted a suite of indoor and outdoor amenities across three levels, seamlessly blending wellness, convenience, and entertainment. With leasing and property management by Bozzuto, exceptional attention to detail and genuine hospitality remain at the forefront.

Keith Kurland, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Michael Diaz, Michael Ianno, Christopher de Raet, and Edward Leboyer of Walker & Dunlop Capital Markets Institutional Advisory represented Fisher Brothers in this transaction.

Calle Collective is open daily from 9 am to 6 pm and is free to the public.

Images via Joule House / Fisher Brothers

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Terra Closes on $127 Million Refinancing Loan for Natura Gardens Development

Terra and New Valley, the development partners behind Natura Gardens, a new multifamily community in Northwest Miami-Dade County, have secured $127 million in permanent financing for the development. The loan, issued by an affiliate of MF1 Capital, will be used to pay off and refinance an existing $65 million construction loan, which was provided in 2021 by Bank OZK. Completed in Summer 2023, Natura Gardens includes 460 garden-style rental apartments across 23-acres in Miami’s West Hialeah neighborhood.

At more than 97% leased, Natura Gardens’ one- to three-bedroom apartments measure between 727 and 1,603 square feet in size, with rental rates ranging from approximately $2,000 to $3,350 per month.

“Our ability to refinance Natura Gardens reflects the leasing success we’ve experienced at the property as well as the increasing demand for market-rate rental housing in the West Hialeah area,” said David Martin, CEO of Terra. “Natura Gardens continues to fulfill an unmet need for quality suburban living for thousands of working families seeking to minimize their daily commutes.”

Walker & Dunlop’s New York Capital Markets team, led by Keith Kurland, Aaron Appel, Jon Schwartz, Adam Schwartz, and Michael Diaz arranged the loan proceeds to refinance the existing construction loan of Natura Gardens.

Situated along NW 170th Street between I-75 and Florida’s Turnpike, Natura Gardens is located immediately south of the planned American Dream retail and entertainment complex, and a short drive from several large employers, including Boeing, Royal Caribbean International, Preferred Freezer Services, and The Home Depot.

Natura Gardens was designed by Pascual, Perez, Kiliddjian Architecture (PPK), with the development’s clubhouse and model units imagined by tennis champion Venus Williams’ design firm V Starr Interiors.

 Apartments have high-end finishes and fixtures, expansive balconies, custom shaker-style kitchen cabinetry, spacious built-in pantries, kitchen islands with breakfast areas, stainless steel appliances, full-size washer and dryers, spacious living and dining rooms, walk-in closets, and en-suite bathrooms.

Amenities at the gated community include a two-story clubhouse with a resort-style pool and spa; a covered kitchen prep area and grilling station, sink and refrigerator; outdoor tiki hut areas with hammocks, tables and umbrellas, and lounge chairs on comfortable beach sand; a media room, billiards and children’s playroom; a sophisticated lounge with a bar and kitchen; a state-of-the-art fitness center with yoga, aerobics and spinning studios; a business center with co-working spaces and a coffee bar; a children’s tot-lot with recreational equipment and electronic car charging stations, and a residents-only dog park.

Inspired by the area’s natural surroundings, the community features lush landscaping, open lawns, lakes and preserves. Residents also have access to lush, green spaces with sitting areas and mobile device charging stations throughout the entire community.

Natura Gardens is the latest among Terra’s portfolio of newly completed multifamily developments across South Florida, which includes Grove Central, a transit-oriented mixed-use development with residential and retail uses in Coconut Grove; and Pines Garden at City Center, a garden-apartment community in Broward County’s City of Pembroke Pines. Terra is also currently developing CentroCity, which will include up to 1,200 apartments as part of a larger 38-acre mixed use development in central Miami-Dade County, just west of Little Havana; and Upland Park, which will include up to 1,700 apartments as part of a 47-acre mixed use transit-oriented development at the Miami-Dade County Dolphin Park-and-Ride Station.

Terra Locks Down $44 Million In Financing For Publix-Anchored Retail Development In Pembroke Pines

Coconut Grove, FL-based Terra has locked down a $43.74 million in senior mortgage financing for 16000 Pines Market. The loan was provided by Thorofare Capital, Inc., an affiliate of alternative investment manager Thorofare LLC., and was issued to 16000 Pines Retail Investments, LLC, an entity managed by 16000 Pines Market. 16000 Pines Market is a 135,000 SF mixed-use retail development nearing completion in the City of Pembroke Pines in South Florida’s Broward County. The financing was arranged by Walker & Dunlop’s Keith Kurland, Jackson Sastri and Ian Hawk of the firm’s New York City capital markets group.

Terra will utilize the loan proceeds to finish construction, capitalize the TIs/LCs and carry the project until its stabilization. Construction of 16000 Pines Market’s first phase was completed earlier this year, with construction of phase two now getting underway and expected to deliver in 2022.

“Terra’s continued investment in Pembroke Pines reflects the City’s growing residential population and the high barriers to entry that exist for new commercial development,” said Terra CEO David Martin. “16000 Pines Market will meet mounting demand for lifestyle-oriented retail and unique food and beverage experiences, while offering an everyday amenity for neighboring residents and visitors.”

The key anchor tenant at 16000 Pines Market is 91-year-old Publix Super Markets, Inc., the largest and fastest-growing employee-owned supermarket chain in the United States. Additional co-anchors include national off-price department store retailer Burlington (NYSE: BURL), which operates 740 stores across 40 states and Puerto Rico with over 40,000 employees and a $20 billion market capitalization, as well as Crunch Fitness, a fitness club chain that has more than 300 franchise locations across the United States, Canada and Australia.

Felix Gutnikov, Thorofare’s principal and head of originations, said, “closing this construction-completion loan for a Publix-anchored retail asset in a desirable South Florida suburb comes on the heels of our Miami office opening and underscores the firm’s commitment to expand our geographic footprint in the Southeast.”

“This high-structured financing reflects our belief that well-designed grocery-anchored shopping centers, with sought-after tenants such as Publix, will continue to garner demand from institutional debt and equity capital sources,” said Thorofare’s principal and CIO Brendan Miller. “Executing a transaction with Terra will help continue to expand our presence in the Southeast as well as diversifying our loan portfolio with grocery-anchored assets, the most resilient, necessity-based retail property type.”

16000 Pines Market is situated on 13.2-acres with strong visibility along Pines Boulevard and Dykes Road, a major thoroughfare in the affluent suburb Pembroke Pines, which is part of the Ft. Lauderdale retail market and Southwest Broward retail sub-market. Additional tenants include Verizon, Regions Bank, a United States Postal Service branch, Jersey Mike’s Subs, Vivo Pizza & Pasta, FirstWatch Café, Cheddar’s and MD Now.

OKO Group and CAIN International Lock Down $128.3 Million Construction Loan For Una Residences

OKO Group and Cain International have secured $128.3 million in construction financing for Una Residences. The senior debt, which was provided by Bank OZK, will fund the ongoing development of the 47-story luxury condo tower, which broke ground in May 2020 and has over $75 million in sales over the past four months.

The Walker & Dunlop team led by Senior Managing Directors & Co-Heads of New York Capital Markets Keith Kurland, Aaron Appel, and Adam Schwartz along with Managing Director Michael Diaz and Director Sean Bastian represented the developers in the transaction. Weil Gotshal & Manges served as counsel for the sponsor/developer, while King & Spaulding served as counsel for Bank OZK.

Una Residences sits on one of the last developable parcels of waterfront land in Brickell in the South Brickell enclave at 174 SE 25th Road and will become the first waterfront residential tower to deliver in the neighborhood in over a decade upon its completion in 2023. The tower is being developed by a partnership between OKO Group, the luxury development group helmed by international real estate mogul Vladislav Doronin, and Cain International, a privately held investment firm with over $6.3 billion in real estate equity, debt, and leisure-focused investments.

“Miami’s increasing global appeal is drawing families to live and businesses to invest in high quality real estate, particularly rare and exclusive offerings such as Una Residences; one of the last opportunities to buy a waterfront property in one of Miami’s most desirable neighborhoods,” said Vladislav Doronin, Chairman and CEO of OKO Group. “We are seeing this trend of moving to Miami accelerate at an unprecedented rate, attracted by the many benefits including its sunny weather, quality of life, status as a global destination and its tax incentives. As construction progresses on site at Una Residences, we anticipate a beneficial and successful relationship with all parties involved in this project.”

Una Residences was designed by Adrian Smith + Gordon Gill (AS+GG) and the tower will offer 135 spacious two-to-five bedroom condominiums with unobstructed views of the Atlantic Ocean, Biscayne Bay, and city skyline. Residences are priced from $2 million to $7.4 million, with two ultra-exclusive penthouses priced up to $21.6 million.

"We firmly believe the Miami market is well-positioned for future growth as a global gateway city, with continued demand for new residential property coming from both foreign and domestic buyers. Closing this financing with Bank OZK is a significant milestone for Una Residences and for the broader Brickell residential market," said Jonathan Goldstein, CEO of Cain International. "With its unique position overlooking Biscayne Bay, close proximity to Key Biscayne, Brickell and Coconut Grove, and access to incredible lifestyle amenities, Una Residences is truly one-of-a-kind and we look forward to advancing towards completion with our partners."

Amenities include three swimming pools, a children’s splash-pad area and playroom, a movie theater, an Aman Resort-inspired spa and steam room, a state-of-the-art fitness center featuring yoga and personal training facilities, onsite dining, and more. Una’s amenities will also extend beyond the property, as residents will receive exclusive membership access to the Grand Bay Club on the beachfront of Miami’s Key Biscayne.

“The fundamentals of the Una Residences project met the high standards Bank OZK consistently seeks in our credits – marquee real estate, strong market fundamentals and top-tier sponsorship,” stated Greg Newman, Managing Director of Originations for Bank OZK’s Real Estate Specialties Group. “OKO Group and Cain International are developing a best-in-class option in the Miami market, with amenities and an unrivaled setting that delivers an exceptional quality of life to residents. We appreciate the opportunity to participate in this project as the sole senior secured lender and look forward to a very successful execution.”

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