Acre scores $72M refi for Miami waterfront multifamily project

Acre landed a $72 million refinancing for a 236-unit multifamily project on Miami’s waterfront. Nuveen Real Estate, part of TIAA, provided the three-year, floating-rate loan for Adela at MiMo Bay, a five-story apartment building facing Biscayne Bay at 6445 Northeast Seventh Avenue in Miami’s MiMo Biscayne Boulevard Historic District, a press release states.  A JLL team led by Jesse Wright and Peter Rotchford arranged the mortgage, which was split into $63.1 million in initial funding and $8.9 million in future funding for planned property enhancements. Atlanta-based Acre, led by Les Menkes and Michael Van Der Poel, partnered with QuadReal Property […]This article originally appeared on The Real Deal. Click here to read the full story.