HA Emprendimientos, an Argentinian developer, has secured USD 111 million in financing for the construction of a luxury multifamily building in Miami. S3 Capital provided the loan for the 36-storey 'Sense 22' project in Miami's Edgewater district.
Gonzalo Espinosa, Chief Financial Officer of HA Emprendimientos, acquired the development site for 'Sense 22' at 114-138 NE 22nd Street from Cain for USD 8 million in December 2023. Max La Cava of JLL led the debt negotiations.
Attractive Location and Market Situation
Steven Jemal, Managing Director of Origination at S3 Capital, commented positively on the location: "We value the Edgewater market for its prime location." He highlighted that its proximity to Biscayne Boulevard, Wynwood, and the Design District ensures excellent connectivity to downtown Miami without situating residents directly in the city centre. Jemal added that recent absorption trends in Miami's multifamily sector and the tax benefits of the Florida Live Local Act made 'Sense 22' "a compelling opportunity" for S3.
Ignacio Aldazabal, CEO of HA Emprendimientos, emphasised the growth potential: "We identified Edgewater as a district with enormous growth potential and proven financial performance."
Project Details and Amenities
Located approximately two miles north of Downtown Miami, 'Sense 22' will comprise 328 apartments, ranging from studios to three-bedroom units, as well as 372 parking spaces. The community amenities include the following:
- —A swimming pool
- —A rooftop terrace with barbecue areas
- —A spa and a fitness centre
- —Co-working spaces
The project encompasses a net leasable area of approximately 262,000 square feet, with an average apartment size of 799 square feet. Grycon, based in South Florida, is acting as the general contractor for the development of 'Sense 22', which is scheduled for completion by the end of 2028.
Max La Cava, Managing Director at JLL, commented that the realisation of the project reflects the developers' vision for Miami's rapidly evolving skyline. "Sense 22 sets a new standard for urban living and cements Edgewater as one of Miami's top residential neighbourhoods."
