PMG and Greybrook Realty Partners are pleased to announce 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 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.
For more information, please visit http://propertymg.com/.
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About PMG
Founded in 1991 by Kevin Maloney, PMG is a national real estate development firm with offices in Miami and Manhattan, specializing in exceptional new construction commercial and residential projects. PMG has led the acquisition, financing, development, construction, and marketing for 85 residential buildings and over 150 real estate projects. Their energetic team is relentlessly dedicated to making bold improvements to skylines and streetscapes.
During its 28-year history, PMG has developed projects across all asset types and distinguished itself by focusing on premier luxury residential properties. Known for meticulous design and construction, notable completed PMG projects include Walker Tower, Stella Tower, The Belnord, The Briarcliffe, The Kingsley, Mei Miami Beach, 10 Sullivan, Queens Plaza South, Echo Aventura, Echo Brickell, X Miami, and Muse Sunny Isles. Currently, PMG is in various stages of developing over 5 million square feet of residential properties, including Queens Plaza Park, 111 Leroy Street, 111 W 57th Street, Waldorf Astoria Downtown Miami and numerous others throughout New York City and South Florida.
For more information, visit: http://propertymg.com/.
About Greybrook Realty Partners Inc.
Greybrook Realty Partners is a Toronto-based asset management firm that invests equity in real estate development and value-add assets. The firm offers investors the unique opportunity to partner with leading North American real estate developers and share in value creation activities. Greybrook Realty Partners and its affiliates have invested in over 70 real estate projects across Canada and the United States. In aggregate, its real estate investment portfolio is expected to result in the development of over 35 million square feet of residential and commercial density, with an estimated completion value of $15 billion.
About Saul Ewing
The 400-plus attorneys of Saul Ewing provide client-centric counsel to businesses throughout the United States and internationally from 15 offices stretching down the East Coast from Boston to Miami and extending into the Midwest by way of Chicago. We work with well-known corporations, exciting start-ups and an array of closely held and privately held companies, as well as institutions of higher education, nonprofits and governmental entities. As a full-service law firm, we handle matters involving bankruptcy, business and finance, estates and trusts, litigation and real estate services. We also advise on intellectual property, immigration and foreign investment services. Energy, higher education, insurance and life sciences are among our core industries of focus.
About Square Mile Capital Management LLC
Square Mile Capital Management LLC is an integrated institutional real estate and investment management firm based in New York. The firm’s commercial real estate debt platform provides customized capital solutions for real estate owners and developers throughout the United States. Square Mile Capital’s opportunistic equity platform takes a value-oriented approach to its investment activities, with an emphasis on opportunities to acquire or capitalize real estate assets or enterprises that are undervalued, complex or under-capitalized. For more information, visit www.squaremilecapital.com.
