The joint venture behind a Miami residential tower has secured a $161.5 million loan from Centennial Bank and Square Mile Capital. PMG and Greybrook Realty Partners are developing 400 Biscayne, a 49-story luxury co-living community in downtown Miami. The 646-unit mixed-use property will also include 51,000 square feet of commercial space and a 22,000-square-foot church.
Andrew Warman, Jonathan Blank and Lowell Plotkin of PMG led the closing of the loan.
Located at 400 Biscayne Blvd., in the heart of downtown, the project contains more than 1 million square feet and will include a public lobby lounge and restaurant, coworking spaces, a gym and fitness studio offering group classes, a swimming pool and outdoor lounge, smart package lockers and bike storage. The development broke ground last summer and is expected to be completed in 2021. The church component will be a redesigned First United Methodist Church of Miami, which will include a chapel, fellowship hall, classrooms, offices a basketball court and a three-story sanctuary.
PMG has been active in South Florida over the past few years. Last fall, the firm scored a $106 million refinancing loan for its 464-unit co-living community X Miami, located not far from 400 Biscayne. That project, part of PMG’s “X” co-living brand, opened last year. PMG has several of the co-living communities in the works, including a 478-bed community in Orlando that is expected to open in 2021, a 923-bed community in Fort Lauderdale expected to open in 2020 and a 579-bed community in Denver that is slated to open next summer.
Miami’s multifamily market has shown strong demand over the last year, with more than 26,000 units underway in the metro as of June, according to a recent Yardi Matrix report. Earlier this week, Fontaineleau Development landed a $460 million, floating-rate loan to refinance Turnberry Ocean Club, a luxury condo tower in Sunny Isles Beach, Fla. The property is slated to be completed in the first quarter of next year.