Bowery Properties Buys Miami-Dade’s Cascades at the Hammocks for $65.5 Million

Overview

• Bowery Properties bought the 264-unit Cascades at the Hammocks in Miami-Dade County for $65.5 million, or about $248,100 per apartment.
• The buyer assumed two Freddie Mac–backed loans totaling roughly $58 million, including $40.6 million tied to a J.P. Morgan commercial mortgage-backed securities trust and $17.4 million from JLL Real Estate Capital.
• Grand Peaks, the seller, purchased the property in 2021 for just under $63 million, reflecting only a small price gain as rent growth has cooled since the pandemic peak.
• Some outlets published a $655 million figure for the sale, but primary reporting cites property records showing $65.5 million, and neither party has commented to clarify.
• CMBS trusts bundle many mortgages into bonds for investors, and taking over existing agency-backed debt can help buyers keep older loan terms when new borrowing costs more.