STRE Management and Lloyd Jones refinance The Vibe with $50.8M CMBS loan

STRE Management and Lloyd Jones have refinanced The Vibe, a 194-unit multifamily property in Miami's Little Havana, with a $50.8 million five-year fixed-rate CMBS loan, Connect CRE reported. JLL's Capital Markets Debt Advisory team represented the borrower on the loan, which was led by Jesse Wright, Joshua Odessky and Luke Maganas.

The property was 96.4% leased at the time of the financing, according to Connect CRE. It consists of two eight-story buildings plus 7,625 square feet of fully leased commercial space, and was completed in 2021. Units run from one- to four-bedroom layouts with private balconies or terraces.

Connect CRE reported that the project benefits from Florida's Live Local Act (SB 102), a 75% ad valorem property tax exemption on units restricted to residents earning 80% to 120% of area median income, in projects with 71 or more qualifying units. For a fixed-rate CMBS loan sized on net operating income, that abatement lands on the property-tax line, though the reporting does not say how many units at The Vibe are income-restricted or what the exemption is worth.

The financing is a refinancing of existing debt rather than acquisition or construction capital, per Connect CRE, which does not disclose the prior loan balance, the spread or the prepayment terms on the new five-year paper.