E
state Companies has secured a $110 million refinancing for its completed North Miami Beach apartment tower, Soleste NoMi Beach. The 23-story building at 16395 Biscayne Boulevard was developed by Estate and features 367 units with one-bedroom to three-bedroom options. Monthly rents range from $2,379 to $5,304.

    The loan, provided by Ares Management, has a floating interest rate and refinances the original $75.6 million construction loan taken out in 2021 from Bank OZK. Estate's broker announced the deal, which was facilitated by JLL's Brian Gaswirth and Paul Adams.

    Soleste NoMi Beach is part of Estate's Soleste brand, which also includes a nearby development, the 28-story Soleste on the Bay tower at 16375 Biscayne Boulevard. The property has about 85 units available for lease, with a "look and lease special" offering a $1,500 discount and a free month.

    Ares Management, led by CEO Michael Arougheti, has been increasing its investments in South Florida, including a recent deal to purchase the Midway Miami Park industrial complex. Despite nationwide market trends, refinancings and construction financing have continued in the tri-county region, with several notable deals announced recently.