AEW Capital Management and ZOM Living, in a joint venture, have successfully refinanced MiLine Miami, a Class A mixed-use property located in Miami’s Glenvar Heights neighborhood, with a fixed-rate loan of $75 million provided by PGIM Real Estate. The initial phase of MiLine Miami was completed in September 2022, and it is situated at 6970 SW 40th St. along the Ludlam Trail linear park, approximately 10 miles from downtown Miami.
The first phase of MiLine Miami includes 338 units and 4,600 square feet of retail space, which features a 4,200-square-foot brewery and two 200-square-foot container pods leased to a Greek restaurant. Additionally, around 1,300 linear feet of the 6-mile Ludlam Trail linear park have been completed in this phase. Residents of MiLine Miami have direct access to this recreational amenity, offering opportunities for walking, biking, and hiking, and it will eventually connect four parks, three waterways, two Metrorail stations, and five schools.
The overall project, situated on 11.4 acres, will consist of three phases, resulting in 975 apartments and 23,000 square feet of retail space. The first phase offers studio, one-, two-, and three-bedroom apartments ranging in size from 580 to 1,700 square feet. The community features various amenities, including a pool deck with cabanas and grilling areas, a Zen courtyard, fire pit, social room, fitness center, aqua lounge, and coworking spaces.
MiLine Miami residents also enjoy convenient access to nearby attractions, including Dadeland Mall, the Shops at Sunset Place, Fairchild Tropical Botanic Garden, and the University of Miami. The property is well-connected to major thoroughfares such as the Palmetto Expressway, U.S. 1, and Bird Road.
PGIM Real Estate’s Managing Director, Tom Goodsite, noted that the property has experienced strong lease-up in its first year of operation, highlighting its proximity to downtown Miami’s entertainment options, as well as its connectivity to parks, transit stations, retail, and dining establishments. He stated that MiLine Miami exemplifies PGIM Real Estate’s core lending strategy in a high-growth market like South Florida.
Notably, AEW Capital Management and ZOM Living have collaborated on other projects, including the $49 million loan for Maizon Durham, a luxury community in Durham, N.C., and the refinancing of Bezel Miami, a Class A multifamily community within the Miami Worldcenter development, for $185 million.
