S3 Capital has originated a $111 million construction loan to finance the development of Sense22, a 36-story luxury multifamily development located at 114-138 NE 22nd St in Edgewater, Miami. JLL Capital Markets worked on behalf of HA Emprendimientos to arrange the financing.
The project will deliver 328 residential rental units across approximately 262,000 net rentable square feet, with an average unit size of 799 square feet and a mix of studio, one- and two-bedroom units, and 372 parking spaces.
“We like the Edgewater market because of its premier location. It’s close enough to Biscayne Boulevard, Wynwood and the Design District to stay connected to Miami’s core, without asking residents to live in the middle of Downtown,” said Steven Jemal, managing director of origination at S3 Capital. “That dynamic combined with the recent absorption trends and the Live Local tax structure made Sense22 a compelling opportunity for us.”
The development is sponso
