PGIM Secures $75M Refi for Miami Rental Community

PGIM Real Estate has provided a $75 million, fixed-rated refinancing loan for a 338-unit, Class A, mid-rise apartment 10 miles southwest of Downtown Miami in Glenvar Heights. 

1. The loan was provided to a JV between AEW Capital Management, L.P. (AEW) and ZOM Living.
2. The property includes a 456-space parking garage and 42 surface spaces, as well as 32 electric car stations. Community amenities include a swimming pool, fitness center, dog park, game room, and clubroom.
3. Additional features include 4,600 square feet of food and beverage retail space including a 4,200 square foot brewery.

PGIM’s Tom Goodsite commented, “The property has seen a strong lease-up in the first year of its opening, with easy access to entertainment in Downtown Miami and connectivity to multiple parks, transit stations, retail and food locations.”