MIAMI – JLL Capital Markets announced today that it has arranged $34 million in financing for the development of First - Little Havana, a 194-unit multi-housing project located in Miami’s Little Havana submarket.

JLL worked on behalf of the developer, PREMIUM Development Inc., to secure the non-recourse construction loan from Man Global Private Markets (“Man GPM”).

First - Little Havana will be situated at 7th Avenue and SW 1st Street one block from West Flagler Street within the Little Havana submarket, which boasts a rich heritage of culture and entertainment while also being adjacent to Miami’s financial and medical districts. Due for completion in 2021, the property will total nearly 160,000 square feet of residential space with 7,000 square feet of ground-floor retail and a total of 231 garage parking spaces. The development will feature a resort-style pool, fitness center, yoga studio and dog park.

The JLL Capital Markets team representing the developer was led by Director Brian Gaswirth and Associate Michael DiCosimo.

“PREMIUM Development has established itself as a premier residential developer within Europe and is endeavoring to replicate their success within South Florida. We were able to identify a strategic lender that seeks to help facilitate PREMIUM’S growth here,” Gaswirth said. “Man GPM structured highly accretive terms to help the developer plant their flag in the dynamic Miami market.”

“This project is aligned with our lending strategy of targeting what we believe to be high-quality real estate in established locations, with a focus on developments and value-add properties backed by experienced sponsors,” said Jonathan Schube, head of U.S. Commercial Real Estate Debt at Man GPM.