Fisher Brothers has secured a $117.5 million refinancing from Bain Capital for Joule House, an apartment building in Miami’s Wynwood neighborhood, according to a March 19 announcement.
The refinancing comes at a time when private debt continues to play a significant role in South Florida real estate financing, despite challenges in the broader private credit market and an oversupply of multifamily units in the region.
Joule House, completed last summer by New York-based Fisher Brothers, features 308 apartments along with Calle Collective—a 26,000-square-foot retail, arts, and culture hub—and 23,000 square feet of amenities. The eight-story property is located at 2200 Northwest First Avenue. The bridge loan from Boston-based Bain Capital carries a floating interest rate. Keith Kurland and Aaron Appel of Walker & Dunlop represented Fisher Brothers in the transaction. The new loan replaces a construction loan of the same amount issued to Fisher Brothers in 2023.
Fisher Brothers acquired the 1.5-acre site for $17.6 million in 2021 when it was occupied by warehouses. Commercial tenants set to open include SunLife Organics, which plans to launch a juice bar and organic products store later this year. Calle Collective also features murals by local artists. Joule House offers studios as well as one-, two-, and three-bedroom apartments and penthouses; monthly rents range from $2,512 to $5,447 according to the property’s website.
South Florida’s multifamily sector has experienced slower lease-ups and increased concessions due to high levels of new supply—developers delivered a record 18,600 units in 2024 before deliveries slowed last year. Average asking rents have declined by about three percent over the past year according to Realtor.com data cited in the release.
The start of this year saw several major financings for South Florida projects totaling more than $300 million across office buildings and residential developments.
