$111M Live Local Act Construction Loan for a 328-Unit Edgewater Miami Tower

The largest affordable housing record on LoanList is also its second largest Miami closing of any kind. S3 Capital originated a $111,000,000 senior construction loan for Sense22, a planned 36-story, 328-unit apartment tower in Miami's Edgewater neighborhood, announced in July 2026. Forty percent of the units are reserved as affordable under Florida's Live Local Act, the loan carries a three-year term, and the borrower of record is HA Emprendimientos.

The Live Local Act is Florida's statewide version of the affordability-for-buildable-area trade: rental projects that reserve a qualifying share of units at qualifying incomes earn land-use and related incentives that local zoning alone would not grant. The announced structure here reserves 40 percent of the tower's 328 units. Per the announcement, the project carries roughly 262,000 net rentable square feet with structured parking and rooftop amenities, and delivery is targeted for 2028, inside the loan's three-year term.

The capital source is the part worth studying. This is not a bank construction line, an agency execution, or mission capital; it is a private debt fund writing nine-figure senior construction credit on a tower where two of every five units are income restricted. Whatever discount the affordable units impose on projected rents, the deal still cleared institutional private credit at $111,000,000, and that fact is more informative about Live Local economics than any program summary.

Within LoanList's 37 tracked Miami closings, the loan ranks second by amount, behind only a $167,840,000 multifamily recapitalization, and it is the largest tracked ground-up construction financing in the market by a wide margin. The next largest tracked Miami construction loan is $28,108,275, a bank loan on an affordable redevelopment built on publicly owned land under a long-term ground lease. Read together, the two records bracket Miami's tracked affordable construction capital: public-land leasehold structures with bank debt at one end, private debt fund credit on a Live Local tower at the other.

S3 Capital's other tracked closing is a $7,000,000 land acquisition loan in Fort Lauderdale, recorded in February 2026. Both of its tracked positions are South Florida development credit, one at the site stage and one at full vertical scale.

For sponsors weighing a Live Local set-aside, this record is the data point that matters. A 40 percent affordable reservation did not push the financing to mission lenders or public programs; it drew a nine-figure private construction loan. Mixed-income development at scale is financeable in Miami, and the record names the lender that proved it.