More than a year after JSB Capital Group secured a $212 million loan for the Doral apartment complex, the company recapitalized, in part through an equity injection, to get rid of floating-rate debt.

JSB secured $219.9 million in refinancing for The Landmark South at 6055 Northwest 105th Court. It includes $154.1 million in senior debt and $65.8 million in preferred stock, according to a press release from the borrower’s broker. Freddie Mac issued the senior financing and JLL Real Estate Capital serviced the debt. Pensam offers equity.

The transaction lowers JSB’s cost of capital and extends the term of senior debt to five years. Simon Banke, a member of the JLL team representing JBS, said the previous loan was about two years away.

“The blended rate between the new senior loan and equity is cheaper than what they had previously financed,” Banke said, declining to disclose the blended rate.

Banke worked with JLL’s Jesse Wright and Brian Gaswirth on the transaction.

JSB buys 631-unit Landmark South $255 million In 2021, the then-original $212 million loan was drawn, according to the records.Purchasing rank is third biggest 2021 South Florida Multifamily Sales.

Records show the apartment complex consists of three eight-story buildings developed in 2017 and 2021 on 6.7 acres.

JSB has made more than $2.5 billion in equity investments in the real estate asset class and has purchased more than 47,000 condos in the United States, according to a press release. The firm, the successor to GMF Capital, has offices in New York, Miami and Baltimore. It is led by Jay Lobell.

The Federal Reserve’s rate hikes over the past year have slowed a booming real estate market in much of the country, especially South Florida, which has seen an influx of residents and companies over the past two years.

Commercial real estate owners with variable-rate loans are eager to buy capped rates, though some may have been excluded from the option because of the cost surge last year.

In some cases preferred stock has stepped in rescue.

Miami-based Pensam’s Hen Shoval, a preferred equity investor in Landmark South, said in a news release that the firm has closed more than 100 similar transactions in recent years.

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