$167,840,000 Recapitalization Closed for Multifamily Property in Miami, FL

A special purpose lending entity, 720 NE 26th Terrace LSM Senior LLC, recorded two commercial mortgages totaling $167.84 million against 720 NE Street Propco LLC, secured by an Edgewater assemblage including 717 NE 27th Street in Miami, according to public records. The mortgages, of $93.8 million and $74.04 million, were both dated April 21, 2026 and recorded May 26, 2026.

The chain of title tells the fuller story. The borrower assembled the multi-parcel position, part of it acquired from the Jesuit Fathers of the Province of the Antilles in 2016, and financed it with a $31.5 million open end mortgage from Security Benefit Life Insurance Company. That mortgage was assigned in 2022 to the LSM entity, which then recorded the new debt this spring. Security Benefit Life's commercial real estate credit program is managed by Lionheart Strategic Management, the Fisher Brothers affiliated platform, and the structure is consistent with that program's lending.

At nearly $168 million against an Edgewater development assemblage, this is one of the largest private financings recorded in Miami this year, and it lands in a district where bay adjacent development sites have become some of the most valuable land in the Southeast.