MAIMI, FL - Walker & Dunlop, Inc. announced that it has arranged $238,000,000 to refinance The Landmark South, a 631-unit, Class A multifamily community in Doral, Florida. Walker & Dunlop Capital Markets Institutional Advisory arranged the financing on behalf of JSB Capital. Aaron Appel, Michael Stepniewski, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Dustin Stolly, Sean Reimer, Sean Bastian, and Stanley Cayre arranged the floating-rate, interest-only bridge loan from Torchlight Investors.
“The scale and quality of The Landmark South generated strong interest from the lending community, and we focused on finding a capital solution that provided both proceeds and flexibility,” said Appel, senior managing director of Capital Markets and co-head of Institutional Advisory at Walker & Dunlop. “Torchlight delivered a structure that gives JSB Capital time to execute its business plan while preserving multiple options as the capital markets continue to evolve.”
Completed in two phases in 2017 and 2021, The Landmark South comprises approximately 641,527 rentable square feet and offers one-, two- and three-bedroom residences averaging 1,017 square feet. Community amenities include two resort-style pools, two 24-hour fitness centers, outdoor courtyards, a business center, pet spa, resident lounges and structured parking.
The property is located in the heart of Doral, one of Miami-Dade County’s most institutionally sought-after multifamily submarkets. High homeownership costs, limited new supply, and continued population growth support long-term rental demand. Doral also offers connectivity to Miami’s primary employment corridors via the Palmetto Expressway, Dolphin Expressway and Florida’s Turnpike, along with access to retail and lifestyle destinations including Downtown Doral, CityPlace Doral and Dolphin Mall.
“The Landmark South fits within our strategy of investing in well-located assets in growth markets where demand continues to outpace available housing,” said Jared Frydman, managing director at JSB Capital. “Doral’s growing employment base, barriers to homeownership and limited new supply give us conviction in the property’s long-term position. We appreciate Walker & Dunlop’s partnership in navigating the capital markets and arranging a financing solution that supports our strategy for the asset.”