S3 Capital has closed a $111 million construction loan for Sense 22, a 328-unit tower rising at 114 NE 22nd St. In Miami's Edgewater neighborhood. The three-year loan was arranged by JLL Capital Markets on behalf of Argentina-based HA Emprendimientos. Construction started in March, with completion targeted for 2028.
The 36-story development will offer studios, one- and two-bedroom floorplans alongside amenities including a swimming pool, rooftop terrace, fitness center, coworking spaces and 372 parking spots.
Why Live Local Act matters here
Sense 22 is among the tallest buildings proposed under Florida's Live Local Act, the 2023 statute that lets developers bypass local zoning if they set aside a meaningful share of units as workforce housing. Forty percent of the building's 328 units—roughly 131 apartments—will carry an affordable designation.
The trade is straightforward: density and height in exchange for restricted rents. Edgewater, nestled between Biscayne Bay and Midtown Miami, would not have supported a 36-story tower under standard zoning. Live Local unlocks the unit count that makes a $111 million construction loan viable.
The tension is real, though. A 40 percent affordable carve-out compresses effective rents relative to comparable market-rate buildings. Investors underwriting this deal will be watching operating cost ratios and any associated tax incentives carefully.
What it means for Miami's lending landscape
Miami's multifamily inventory expanded by 2,649 units in the first four months of 2026—roughly 0.7 percent of existing stock, according to Yardi Matrix. The development pipeline stands at 33,178 units, with 13,269 expected to deliver by year-end.
S3 Capital's $111 million commitment signals that private credit is still actively funding Miami high-rise multifamily at scale. That matters because regulated banks have pulled back from construction lending in the market. Non-bank lenders are absorbing the gap. How these loans perform as deliveries accelerate will shape lending terms across South Florida.
Who should care
| Stakeholder | What to watch |
|---|---|
| Private credit lenders | Lease-up velocity on first Live Local towers; whether 40% affordable carve-outs affect default rates |
| Market-rate developers | Submarket absorption; whether Live Local density approvals continue at current pace |
| HA Emprendimientos | Sense 22 completion and stabilization; performance of their nearby Sense 28 project (53 units) |
| South Florida renters | Volume of workforce housing entering Edgewater; potential softening in studio and one-bedroom rents by 2028 |
What to watch next
Three developments will test whether this deal signals a sustainable trend or a peak-market moment.
First, lease-up velocity on the first Live Local Act towers already delivered. Slow absorption on affordable units would pressure pro formas across the submarket. Second, Edgewater specifically—this neighborhood is stacking multiple high-rise projects simultaneously, and supply saturation there would ripple outward. Third, S3 Capital's next regional deal. Pricing on loan number two will indicate whether this $111 million reflects ongoing appetite or a strategic exception.
Key takeaways
- S3 Capital closed a $111 million, three-year construction loan for Sense 22 in Edgewater.
- Forty percent of the 328 units—approximately 131 apartments—will be affordable under Florida's Live Local Act.
- Miami's multifamily pipeline totals 33,178 units, with 13,269 expected by year-end 2026.
- Non-bank lenders are filling construction financing gaps as regulated banks tighten standards.
- Edgewater is becoming a test case for how Live Local Act density plays out at scale.
Frequently asked questions
How large is the S3 Capital loan for Sense 22?
The construction loan totals $111 million with a three-year term, arranged by JLL Capital Markets.
Why is Sense 22 significant under Florida's Live Local Act?
It is among the tallest towers proposed under the act, with 40 percent of its 328 units reserved as workforce housing—a requirement that unlocks density and height variances.
Who is developing Sense 22?
HA Emprendimientos, a Buenos Aires-based developer with 16 years of experience and more than 1,000 residential units completed across Latin America and the U.S.
When is Sense 22 expected to complete?
Construction began in March, with delivery targeted for 2028.
How does this loan fit Miami's broader multifamily pipeline?
Miami's pipeline stands at 33,178 units, with 13,269 expected by year-end 2026. Non-bank lenders like S3 Capital are increasingly backing these projects as banks tighten construction lending standards.
