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 broader 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 and arts hub, and 23,000 square feet of amenities. The eight-story property offers studios, one- and two-bedroom apartments, as well as penthouses with two or three bedrooms. 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 showcases 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 replaces 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 was occupied by warehouses.
South Florida’s multifamily sector has experienced slower lease-ups and increased concessions due to high levels of new supply. In 2024 alone, developers completed a record 18,600 units across the region before deliveries slowed to about 12,700 units last year. Average asking rents have declined by over three percent year-over-year to $2,235 per month according to Realtor.com data cited in the release.
The percentage of leased units at Joule House was not disclosed; however, current promotions include up to three months free rent for leases signed by April 3 along with other possible incentives.
Recent months have seen several large financings for South Florida projects including Stiles and Shorenstein’s $185 million refinancing for The Main Las Olas office building in Fort Lauderdale; Pinnacle’s $68 million construction loan for senior housing; Horizons North’s $52.5 million refinancing near Aventura; Mayfair in the Grove’s $113.6 million refinancing; and Hyperion Group with Winter Properties’ $108 million construction loan for an apartment project in Boynton Beach.
