PMG Gets $154M for FL Mixed-Use
The development will be constructed under the company's new PMGx multifamily housing division, which comprises “social living” rental communities that cater to professionals who seek a more community-oriented lifestyle.
By Dees Stribling, Contributing Editor
Developer Property Markets Group (PMG), obtained a $153.9 million construction loan for the first phase of its mixed-use Fort Lauderdale Riverfront project. The development is under the auspices of the company’s new PMGx multifamily housing division, which comprises “social living” rental communities that cater to professionals who seek a “connected” lifestyle.
According to PMG, that means that the new of division will address the rising costs and social isolation of urban living through its design. PMGx designs projects around the concepts of shared community spaces activated by social events, technology-enabled convenience for residents and the flexibility to rent an entire apartment or a private bedroom and bathroom in a multi-bedroom suite.
Two New Apartment Towers
Slated for completion in 2020, PMGx’s project will include two apartment towers with 1,200 residential units. Phase one will include a 36-floor residential tower with about 600 micro-units and multi-bedroom suites, plus more than 100,000 square feet of amenity space in the tower and rooftop. Phase one will also include a large public plaza on the ground floors, featuring restaurants, nightlife and entertainment along the waterfront on Fort Lauderdale’s New River.
Common amenities include co-working spaces, gyms and fitness studios with frequent group classes, communal kitchens to host potlucks and demonstrations, smart package lockers, dog runs and bike storage facilities. A proprietary mobile app enables keyless entry, manages guest lists and access, adjusts smart thermostats, notifies about packages and facilitates social events.
Earlier this year, the developer acquired the 2.38-acre parcel for the project for $29 million from Las Olas Riverfront LP, an affiliate of Merrimac Ventures. Merrimac president Dev Motwani retained about 18,000 square feet of retail developed in phase one along the river.
The Merchant Banking Division of Goldman, Sachs & Co., through its credit fund Broad Street Real Estate Credit Partners III, provided financing for phase one of the project. The financing was arranged by a partnership of Walker & Dunlop’s Miami team and NY-based SRF Ventures Inc. Walker’s team includes Eric McGlynn, Kevin O’Grady and Daniel Sheehan, all managing directors, and SRF is led by Steven Fischler, its president.
Ryan Shear, Evan Schapiro and Matt Ellish led the PMGx team on the closing. Luis Flores, Lori Hartglass, Rebecca Sarelson and Anthony Kang of Arnstein & Lehr LLP closed the transaction on behalf of PMGx. Also, Courtney and Jason Crush of Crush Law P.A. assisted with land use and zoning matters.