JLL Arranges $50.8M CMBS Refinancing for The Vibe, a 194-Unit Multifamily Community in Miami's Little Havana
MIAMI, Oct. 16, 2026 — JLL Capital Markets announced today that it has arranged a $50.8 million refinancing for The Vibe, a 194-unit luxury multifamily community in Miami's Little Havana neighborhood. JLL worked exclusively on behalf of the borrowers, STRE Management and Lloyd Jones, to secure a five-year, fixed-rate commercial mortgage-backed securities (CMBS) loan.
JLL's Capital Markets Debt Advisory team representing the borrower was led by Managing Director Jesse Wright, Director Joshua Odessky and Analyst Luke Maganas.
JLL Capital Markets Debt Advisory Leads The Vibe Financing
The $50.8 million loan carries a five-year term at a fixed rate. The loan amount equates to roughly $261,856 per unit across the 194 residential units, or about $318 per square foot of residential space. Those figures are not loan-to-value measures.
"The Vibe represented an exceptional financing opportunity with strong operational performance and meaningful structural advantages," said Wright. "The property demonstrates consistent demand with low vacancy and minimal concessions, validating the strength of well-located assets near Miami's urban core. The sponsors' strategic participation in Florida's Live Local program delivers substantial tax savings that significantly enhance the credit profile."
The Vibe Property Details in Little Havana
Completed in 2021, The Vibe consists of two eight-story buildings totaling 159,862 square feet, plus 7,625 square feet of fully leased commercial space. The property sits on 1.45 acres at 700 Southwest 1st Street. It is currently 96.4% leased.
The unit mix includes one-, two- and four-bedroom residences. Units feature kitchens with white quartz countertops, GE stainless steel appliance packages, floor-to-ceiling windows, private balconies or terraces, custom closet organization systems and full-size washers and dryers.
Community amenities include:
- A sundeck with pool and lounge seating
- A fitness center with free weights and cardio equipment
- A glass-walled yoga/flex room
- A designer lobby with a green living wall
- A community lounge with workspaces and tech tables
- Luxer One package storage with food lockers
- Bike storage and EV charging stations
- A gated dog park and pet wash station
The property is less than one mile from Interstate 95 and within a sub-10-minute commute of the Brickell Financial District. According to JLL, it serves young professionals and Brickell and central business district commuters seeking Class A living at a rent discount to the Downtown and Brickell submarkets.
Florida's Live Local Act Supports the Credit Profile
The project benefits from the Live Local Act (Florida SB 102), which provides a 75% ad valorem property tax exemption on units restricted to residents earning 80% to 120% of area median income, for projects with 71 or more qualifying units. Lower property taxes increase net operating income and debt-service coverage, which bears on credit underwriting. The Vibe's 194 units and 2021 completion fit the program's general newly constructed, more-than-70-unit profile.
Miami Multifamily Market Context
The refinancing comes as Miami absorbs a substantial wave of new apartment supply. Nearly 1,956 units were delivered in the first quarter of 2026, up 53.5% year over year, and the construction pipeline totaled nearly 13,800 units. Another market estimate put units under construction at 15,481 in the second quarter, equal to 7.3% of inventory, with elevated deliveries expected through mid-2027. Miami's inventory has expanded by approximately 41.1% since 2020.
Rent growth has softened amid that supply. Average effective rent in Miami was $2,641 per unit in the first quarter, down 1.0% year over year, while Class A effective rent averaged $2,989 per unit, down 1.5%. Stabilized occupancy in the market was 94.2% in the first quarter and about 94.6% in the second quarter. The Vibe's 96.4% leased rate sits above those market levels.
Sponsors and Arranger
STRE Management and Lloyd Jones are the borrowers. ST Real Estate focuses its investments on the office market in Australia and on the multifamily and senior living market in the United States. Lloyd Jones is a multifamily investment firm with four vertically integrated divisions: investment, development, property and senior housing management.
JLL Capital Markets is a full-service provider of capital solutions for real estate investors and occupiers, with more than 3,000 specialists worldwide and offices in nearly 50 countries. JLL (NYSE: JLL) reported annual revenue of $26.1 billion and a global workforce of more than 112,000 as of June 30, 2026.
Market Implications
The transaction shows that recently delivered, highly occupied multifamily assets in Miami's urban core can secure long-term fixed-rate CMBS debt. The five-year fixed-rate structure provides interest-rate certainty, while creating refinancing exposure at maturity. In a market with elevated supply and softer rent growth, properties combining strong occupancy, newer construction and tax advantages such as the Live Local exemption are positioned differently than assets facing lease-up or capital-expenditure challenges.
Sources
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