J.P. Morgan-Advised Investors Land $148M Miami Refi

PGIM is providing the financing for the mixed-use tower.

Institutional investors advised by J.P. Morgan Asset Management have secured a $147.7 million five-year, fixed-rate loan from PGIM Real Estate to refinance Gio Midtown, a 32-story, 447-unit luxury mixed-use property in midtown Miami. PGIM Real Estate provided the loan through its core debt financing platform.

Tom Goodsite, managing director, financing, at PGIM Real Estate, led the deal for the firm. CBRE’s Tom Rugg, Tom Traynor, Adam Spengler and Arman Samouk arranged the financing deal on behalf of the borrower, according to the Commercial Observer.

The $186.6 million project was developed by Chicago-based Magellan Development Group and J.P. Morgan Asset Management and opened in early 2020. Construction began at the 2.14-acre site at 3131 NE 1st Ave. in the fourth quarter of 2017. The 781,892-square-foot building has approximately 40,000 square feet of ground-floor retail space anchored by a Trader Joe’s market, which opened in spring 2022.

A $110.3 million construction loan for the property was originated in August 2017 by PNC Bank, according to Yardi Matrix data.

Mixed-use tower

Gio Midtown, which is managed by Bozzuto Management, has studios, one-, two- and three-bedroom floorplans ranging from 386 to 1,919 square feet of space with an average of 890 square feet. Rents range from $2,647 to $9,268 with an average of $3,942, Yardi Matrix data shows. It has an occupancy of 96.6 percent, according to Yardi Matrix.

Apartment features include floor-to-ceiling windows and balconies with views of Biscayne Bay, keyless entry, smart thermostats, full-size washers and dryers, stainless steel appliances, pendant lighting, kitchen islands with glass cabinets, quartz countertops and walk-in closets in select units.

The LEED certified Silver building has 74,000 square feet of indoor and outdoor amenity spaces on multiple levels. Gio Midtown has a lobby lounge, outdoor deck, rooftop garden lounge, meditation garden, saline pool and whirlpool spa, bike workshop and washing station. The property also include a fitness center, playground, children’s playroom, basketball court, clubhouse, media room, electric vehicle charging stations, storage space and secure package rooms. Pet-friendly perks include an outdoor turf run, dog spa and dog lounge with seating. There are 528 parking spaces available in a multi-level parking structure.

Gio Midtown is minutes from other popular Miami neighborhoods including Wynwood, Brickell, Edgewater, Buena Vista, the Design District and downtown Miami. High-end residential development is booming in Miami. Among the newer projects coming online soon are The Standard Residences in Midtown Miami, a 12-story, 228-unit project at 3100 NE First Ave., which is being built by Rosso Development.

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