Plus, the Miami-based firm is planning renovations.

It will support 174 affordable apartments.

The company sees "strong returns" coming in the future on the asset.

The luxury property features more than 46,000 square feet of commercial space.

The two buildings were fully leased by two tenants at the time of the purchase.

The units cost between $500,000 and $1 million.

The largest share of the apartments are going to LRE.

The refinancing frees up capital for the real estate firm.