

Square Mile Capital Management has finalized terms to originate a $185 million loan to Moinian Group that will be used to refinance existing construction debt on a Miami multifamily asset.
The December 6 deal was arranged by Drew Fletcher of Greystone and Robert Kaplan of Cushman & Wakefield, and will be used to pay off outstanding debt on Bezel Miami, a Class A, 434-unit multifamily building located within Miami Worldcenter.
Eric Cohen, managing director at Square Mile, said the asset is one of the highest-quality luxury multifamily assets in the city, and Miami remains a market where the New York-based real estate investment manager has strong conviction.
“Despite recent market volatility, we expect to see robust tailwinds in this region supporting luxury assets such as Bezel,” Cohen said.
The 43-story multifamily tower has been online since December 2021. It is part of Downtown Miami’s new $4 billion mixed-use fixture, which represents one of the more sizable private urban real estate developments currently being constructed in the US.
Square Mile has kept its geographical and financing scope wide this year. In September, the firm originated $160 million in construction loans for a pair of multifamily and industrial assets in Florida to stack additional presence in the Southeast US market especially.
For its senior mortgage strategy in particular, Square Mile has focused on originating floating rate whole loans for capitalizing stabilized and value-add properties, specifically types at loan-to-values up to 80 percent.
In June this year, the firm was tapped for debt financing on one of its larger 2022 deals for the $466 million refinance of Essex Crossing in New York City alongside Duetsche Bank.