MIAMI — ACRE has secured a $72 million refinancing loan for Adela at MiMo Bay, a 236-unit, waterfront community in Miami. JLL Capital Markets arranged the financing. Adela at MiMo Bay was developed in 2020 and features a range of studios and one-, two- and three-bedroom units with quartz countertops, stainless steel appliances and floor-to-ceiling windows. ACRE is planning to add 14 additional units and to upgrade amenity offerings. These renovations are expected to begin in September with completion slated for 2026.
ACRE, a private equity firm that invests in multifamily in the United States and abroad, is based in Atlanta with additional offices in New York, Miami and Singapore. JLL Capital Markets’ Debt Advisory team representing the borrower was led by Managing Director Jesse Wright, Senior Managing Director Peter Rotchford, Associate J.J. Hovenden and Analysts Aaliyah St. Louis and Miguel Pedersen.