In December 2022, 13th Floor Investments acquired Filling Station Lofts, a 10-story stabilized multifamily building containing 81 loft-style units and 10,000 square feet of ground-floor retail in the Arts & Entertainment District of downtown Miami, Florida. As part of the sale, an attractive, low-leveraged HUD loan with an interest rate 300 bps below market and a 32-year term remaining was assumed.

The building is characterized by unique apartments boasting 18’ ceilings, extended 600 square foot terraces, lofted mezzanine level, and exposed concrete throughout. The asset’s condo-level quality provides optionality in the exit path in that it can easily be converted to condo units. The asset is currently stabilized and continues to benefit from ongoing developments in the immediate area.