JSB Capital Refinances Doral's Landmark South With $238M Bridge Loan

JSB Capital of Miami has replaced the debt on The Landmark South, its 631-unit Class A apartment community in Doral, with a $238 million floating-rate bridge loan from Torchlight Investors, arranged by Walker & Dunlop.

The loan is interest-only. It replaces the property’s prior debt.

Why it matters

JSB built the property in two phases, in 2017 and 2021, so this is a developer refinancing its own ground-up rental rather than a buyer financing an acquisition. Moving from agency debt to a bridge lender usually signals a business plan that needs flexibility, not just a lower coupon.

Walker & Dunlop’s Aaron Appel said the team focused on “a capital solution that provided both proceeds and flexibility.” That is the language of an owner keeping options open on timing.

Doral remains one of Miami-Dade’s tighter rental submarkets, with limited new supply.

The numbers

The $238 million loan works out to roughly $377,000 per apartment. Amenities include two pools, two 24-hour fitness centers, structured parking and a pet spa.

What’s next

Floating-rate bridge debt is short term by design, so watch for a permanent takeout or a sale before it matures. We could not reach a Miami-Dade clerk or appraiser record for the new mortgage; the recorded loan amount and maturity should confirm the terms once filed. More deals like this are in our South Florida coverage.