Walker & Dunlop Arranges $238 Million Refinancing for JSB Capital Group's Doral Multifamily Community
Walker & Dunlop has arranged $238 million in floating-rate, interest-only bridge financing to refinance The Landmark South, a 631-unit, Class A multifamily community located at 6055 NW 105th Court in Doral, Florida. Torchlight Investors provided the loan to borrower JSB Capital Group, the firm announced Sept. 28.
The financing was arranged by Walker & Dunlop Capital Markets Institutional Advisory. Aaron Appel, Michael Stepniewski, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Dustin Stolly, Sean Reimer, Sean Bastian, and Stanley Cayre led the assignment.
Deal Structure and Rationale
The $238 million loan is structured as a floating-rate, interest-only bridge loan — a format that provides near-term flexibility rather than locking in permanent fixed-rate debt. The structure gives JSB Capital Group time to execute its business plan while preserving options to refinance, recapitalize or sell as capital market conditions evolve.
"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."
The transaction follows a 2023 recapitalization in which the property was refinanced with a $219.9 million package consisting of a $154.1 million Freddie Mac senior loan and $65.8 million of preferred equity. The new $238 million loan represents an approximately $18.1 million, or 8.2%, increase over that prior recapitalization amount. At $238 million across 631 units, the financing equates to approximately $377,179 per unit and roughly $371 per rentable square foot.
JSB Capital Group acquired The Landmark South in 2021 for $255 million, or approximately $404,000 per unit at the time.
"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."
Property Overview
The Landmark South was completed in two phases, in 2017 and 2021, and comprises three eight-story residential towers connected by a shared garage. The community totals approximately 641,527 rentable square feet and offers one-, two- and three-bedroom residences averaging 1,017 square feet, with individual units ranging from approximately 680 to 1,445 square feet.
Community amenities include two resort-style pools, two 24-hour fitness centers, outdoor courtyards, a business center, a pet spa, resident lounges and structured parking.
The property sits in the heart of Doral, one of Miami-Dade County's most institutionally sought-after multifamily submarkets. The location offers access to Miami's primary employment corridors via the Palmetto Expressway, Dolphin Expressway and Florida's Turnpike, as well as proximity to retail and lifestyle destinations including Downtown Doral, CityPlace Doral and Dolphin Mall.
South Florida Multifamily Market Context
Miami-area multifamily vacancy stood at 6.6% in March 2026, below the national rate of 7.3%. Asking rents in the Miami market increased 0.7% year over year, making it one of the few major Southern markets to record positive rent growth during that period.
Miami-Dade has absorbed approximately 42,000 new units since 2019, equivalent to roughly 21% of existing inventory. Among stabilized multifamily properties with at least 50 units in the county, vacancy was reported at 4.6%. South Florida multifamily cap rates were near 5.0% through the first quarter of 2026, with transaction activity gradually improving.
High homeownership costs, limited new supply in Doral specifically, and continued population growth support long-term rental demand in the submarket.
Walker & Dunlop Capital Markets Activity
In the first half of 2026, Walker & Dunlop's Capital Markets team sourced more than $13.9 billion from non-agency capital providers, including nearly $9.6 billion for multifamily properties.
Sources
Walker & Dunlop — $238 Million Refinancing Arranged for Miami Multifamily Community