JLL Arranges $219.9M Recapitalization for Landmark South Apartment Community in Metro Miami

by Jeff Shaw

DORAL, FLA. — JLL Capital Markets has arranged the recapitalization of Landmark South, a multifamily community featuring 631 units in the Miami suburb of Doral.

The financing comprises a five-year, $154.1 million senior loan through Freddie Mac Multifamily, which JLL Real Estate Capital LLC will service, as well as a $65.8 million preferred equity investment from Pensam. 

Located at 6055 N.W. 105th Court, the property was built in two phases in 2017 and 2021. Apartments at the community average 1,017 square feet and feature terraces, courtyard views, stainless steel appliances, in-unit washers and dryers and walk-in closets. Amenities include grilling stations, outdoor courtyards and fitness centers.

Rental prices begin at $2,194 per month, according to the community’s website. 

Jesse Wright, Brian Gaswirth, Maurice Habif, Simon Banke and Ted Taylor of JLL secured the financing on behalf of the borrower, JSB Capital Group, a privately held investment firm with offices in Miami, New York City and Baltimore with a focus in multifamily assets. 

Pensam is a Miami-based multifamily investment platform that has invested $7.5 billion across 50,000 apartments to date. 

“This was not a transaction short on complexity or volatility,” says Jared Frydman, senior managing director of JSB. “Landmark South is a jewel in the constellation of Doral, and JSB looks forward to helping it shine even more brightly in the years ahead.”

— Hayden Spiess

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