Fisher Brothers secured a $117.5 million refinancing from Bain Capital for its recently completed Joule House apartment building in Miami, according to a March 19 announcement.
The refinancing comes at a time when private debt continues to play a significant role in South Florida real estate, despite challenges in the national private credit market and an oversupply of multifamily units in the region.
Joule House, located at 2200 Northwest First Avenue, was finished last summer and features 308 apartments, a 26,000-square-foot Calle Collective retail, arts and culture hub, and 23,000 square feet of amenities. The eight-story property offers studios as well as one-, two-, and three-bedroom penthouses. Monthly rents listed on the property’s website range from $2,512 to $5,447. The building also includes commercial tenants such as SunLife Organics—a juice bar and organic products store expected to open later this year—and displays 19 murals by local artists.
The new bridge loan from Boston-based Bain Capital carries a floating interest rate. Walker & Dunlop’s Keith Kurland and Aaron Appel represented Fisher Brothers in the transaction. The deal refinances a previous construction loan of the same amount issued in 2023. Fisher Brothers acquired the development site for $17.6 million in 2021 when it consisted of warehouses.
South Florida’s multifamily sector has experienced slower lease-ups and increased concessions due to high levels of new supply over recent years. In 2024 alone, developers completed a record 18,600 units across the region before deliveries slowed slightly last year to just over 12,700 units. Average asking rents have declined by about three percent year-over-year to $2,235 per month according to Realtor.com data cited in the release.
Joule House is currently advertising up to three months free rent for leases signed by April 3 along with other potential specials on its website.
The start of this year saw several major financings for South Florida projects including Stiles and Shorenstein’s $185 million refinancing for The Main Las Olas office building; Pinnacle’s $68 million construction loan and equity investment for affordable senior housing; Horizons North’s $52.5 million refinancing near Aventura; Mayfair in the Grove’s recent $113.6 million refinancing; and Hyperion Group with Winter Properties’ $108 million construction loan for an apartment project in Boynton Beach.
