PMG Secures $161.5 Million Loan For 1 Million+ SF Downtown Miami Project

Sep 12, 2019 No Comments by

PMG and Greybrook Realty Partners announced that they have secured a $161.5 million loan for the 49-story 400 Biscayne project in downtown Miami.

The loan will offer financing for the development of the project, which broke ground in June. Financing was provided by Centennial Bank and Square Mile Capital.

 

“Obtaining this loan from Centennial Bank and Square Mile Capital for 400 Biscayne is testament to our growing relationship with these leading multifamily lenders, and a major milestone for PMG’s continued elevation of downtown Miami,” said Ryan Shear, Managing Partner of PMG. “We are working hand-in-hand with First United Methodist Church and Greybrook Realty Partners to create something special for the neighborhood, which will continue to foster growth and connection in this city we love.”

Andrew Warman, Jonathan Blank and Lowell Plotkin led the PMG team on the closing of this loan. Luis Flores led the team of Saul Ewing Arnstein & Lehr attorneys who represented PMG and Greybrook partnership in closing the transaction.

 

“Securing this construction financing for 400 Biscayne underscores the confidence the lending community has in our co-living multi-family residential platform and the underlying asset,” said Peter Politis, CEO of Greybrook Realty Partners. “Together with PMG, we are thrilled to have reached this notable achievement and look forward to watching the progress of this exciting development unfold.”

 

“This is the second project PMG and Greybrook have closed with Centennial and Square Mile, following the financing for the nearby X Miami,” Flores said. “The first project gave the parties the confidence to take on a larger and more ambitious development. This 49-story mixed-use project creates a new benchmark for towers on Biscayne Boulevard and highlights PMG’s creative approach to real estate development in highly sought-after markets in South Florida.”

Slated for completion in 2021, the over one-million square-foot 400 Biscayne project will include 646 rental apartments, 51,000 square feet of commercial space and a 22,000-square-foot redesigned First United Methodist Church of Miami.

First United Methodist Church will have a dedicated entrance and structured parking to meet future operating needs. The church will include a chapel, a fellowship hall, classrooms, offices, a basketball court, and a 3-story sanctuary with views of Biscayne Bay.

Amenities at 400 Biscayne will include a public lobby lounge and restaurant, co-working spaces, an oversized modern gym and fitness studio with frequent group classes, a massive pool deck and outdoor lounge, smart package lockers, bike storage facilities, and more.

 

 

————————-

Get the latest industry news and information from CRE-sources delivered right to your email inbox!
And we promise…no more than one email each morning.

CLICK HERE TO SUBSCRIBE TODAY!

 

 

Go Ahead...Share!
  • email
  • Print
  • LinkedIn
  • Twitter
  • Facebook
  • Google Bookmarks
  • RSS
  • Add to favorites
Industry News, Miami-Dade County Multifamily, Miami-Dade County Office, Miami-Dade County Retail, Multifamily, NA, Office, Retail
No Responses to “PMG Secures $161.5 Million Loan For 1 Million+ SF Downtown Miami Project”

Leave a Reply