As reported in The Real Deal.
Updated, Sept. 12, 2:50 P.m.: Kevin Maloney’s Property Markets Group and Greybrook Realty Partners Closed on a $161.5 Million Loan for a Rental Tower They’re Planning in Downtown Miami.
The partners broke ground on the project, a 49-story, 646-unit building at 400 Biscayne Boulevard, in June. Centennial Bank and Square Mile Capital are the lenders, according to a press release.
400 Biscayne will be part of new apartment brand for PMG. Amenities will include co-working spaces, a gym and fitness studio, pool deck and lounge, smart package lockers and bike storage, as well as a lobby lounge and restaurant.
The tower, with co-living units, will include 51,000 square feet of commercial space and a 22,000-square-foot First United Methodist Church of Miami, which sold the 1.15-acre development site to PMG in early 2018 for $55 million.
Sieger Suarez Architects is designing the high-rise, which will have a mix of studio, one-, two- and three-bedroom apartments on floors 14 to 47. A pool deck would be built on the ninth floor, with a church sanctuary with a separate entrance beginning on the eighth floor, according to the plans.
Andrew Warman, Jonathan Blank and Lowell Plotkin helped arrange the loan. Luis Flores of Saul Ewing Arnstein & Lehr represented the developers.
The building is expected to be completed in 2021.
The Miami Herald first reported the loan.
