Miami In-Fill Retail Portfolio secures $38M refinancing

MIAMI, Jul. 31, 2025 – JLL Capital Markets announced today that it has arranged a $38 million refinancing for the Miami In-Fill Retail Portfolio, a collection of four fully leased retail centers totaling 127,826 square feet across Miami-Dade County, Florida.

JLL represented the borrower, MMG Equity Partners, in securing the 10-year, fixed-rate loan through Synovus Bank.

The Miami In-Fill Retail Portfolio includes four urban infill retail shopping centers in high-demand South Florida submarkets: Pinecrest Center (28,944 square feet), Westlake Plaza (33,403 square feet), Naranja Plaza (51,075 square feet) and Pinecrest Shoppes (14,404 square feet).

The properties are ideally positioned with excellent frontage along some of the area's most traversed thoroughfares, including US1/South Dixie Highway, which sees traffic counts of approximately 70,000 vehicles per day. The portfolio is 100% leased.

Since acquisition between 2018 and 2020, the Sponsor has meticulously invested significant capital in the renovation and repositioning of these assets which has resulted in meaningful portfolio NOI growth.

JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Managing Directors Brian Gaswirth and Chris Drew and Analyst Michael Romero.

"The Miami In-Fill Retail Portfolio represents an exceptional investment opportunity in one of the country's most robust retail markets," said Gaswirth. "The sponsor's value-add strategy has been tremendously successful, transforming these properties into high-performing retail destinations."

"Miami's retail market continues to outperform national averages with 17% rent growth over the past three years and historically low vacancy rates of 2.7%," added Drew. "These strong fundamentals, combined with the portfolio's strategic locations and diverse tenant mix, resulted in competitive financing terms for our client."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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MMG Equity Partners is a privately-owned full-service real estate development company focused on long-term ownership, management, development and acquisition of commercial properties with approximately 2 million SF of retail concentrated in South Florida. With executive leadership rooted in retail experience from a successful drugstore chain, MMG brings a unique retailer's perspective to property development while leveraging their local South Florida market expertise and strong industry relationships built over more than two decades.

Synovus is a full-service, top-performing mid-cap bank with over $57 billion in assets and $7.3 billion in capital that has earned recognition as one of Newsweek's Most Trustworthy Companies. With a purpose centered on enabling people to reach their full potential, Synovus serves communities throughout the Southeast and beyond by helping prospects, clients and team members achieve their goals.