S3 Capital lends $111M for Edgewater's Sense 22 tower

Argentine developer HA Emprendimientos has sealed $111 million in construction financing to build a luxury multifamily tower in Miami’s Edgewater neighborhood, a rare nine-figure construction loan in a market where lenders have grown selective about new rental supply.

S3 Capital provided the debt for the 36-story Sense 22 project at 114-138 Northeast 22nd Street. HA Emprendimientos, led by CEO Ignacio Aldazabal, acquired the development site for $8 million in December 2023.

Why it matters. Construction lending for ground-up multifamily has been one of the hardest capital stacks to close over the past two years, so a full-size loan for a spec rental tower signals renewed conviction in Miami’s urban core. The financing also leans on Florida’s Live Local Act, whose tax advantages have become a decisive factor in penciling new rental projects. “We like the Edgewater market because of its premier location,” said Steven Jemal, managing director of origination at S3 Capital.

The numbers. Sense 22 will deliver 328 apartments ranging from studios to three-bedrooms across roughly 262,000 net rentable square feet, with an average unit of 799 square feet and 372 parking spaces. Amenities include a pool, rooftop terrace, spa, fitness center and coworking space. Jemal cited “recent absorption trends” and Live Local tax benefits as reasons the deal penciled.

What’s next. South Florida-based Grycon is general contractor, with completion slated for late 2028. Edgewater — two miles north of downtown, between Biscayne Boulevard, Wynwood and the Design District — has become one of Miami’s most active capital magnets for high-rise rental. A closed construction loan of this size suggests well-capitalized sponsors can still move projects forward even as smaller developers stay sidelined by financing costs.