PMG, Greybrook Get $142M Miami Development Loan
The partners are teaming up on a series of Society Living-branded projects in the state.
A partnership between PMG and Greybrook Realty Partners has received $142.3 million in financing for the development of Society Wynwood, a 318-unit mixed-use project in Miami’s Wynwood Arts District. Pacific West Bank and Square Mile Capital provided the loan.
The development broke ground in March this year. PMG and Greybrook partnered with architects MKDA and expect to complete the project in the first half of 2023.
During the past two years, the partnership paid a total of $57 million to acquire components of the development site for Society Wynwood, The Real Deal reported. The total cost of the project is estimated at $262 million, according to Greybrook‘s website.
Plans for the 10-story community at 2431 NW Second Ave. call for studios and one- to four-bedroom apartments ranging from 410 to 1,370 square feet. Coliving options will also be available at the property. Amenities include a coworking area, a gym, a swimming pool and 50,210 square feet of retail space.
The development site, located within the Wynwood Arts District, is within walking distance of several museums and art galleries, as well as a large selection of shopping and dining options.
The community is part of the Society Living brand, which includes Florida projects underway in downtown Miami, Fort Lauderdale and Orlando. PMG intends to expand its portfolio significantly, with more than 8,500 units in planning stages across the U.S., targeting Atlanta, Brooklyn and Nashville, Tenn.
Miami’s multifamily on the rise
As of August, Miami had more than 22,300 units under construction, with most projects catering to the Lifestyle segment. Year-to-date through July, completions accounted for 2.8 percent of existing stock at, a recent Yardi Matrix report shows.
When it comes to transaction activity, Miami was one of the top performers nationwide, with $2.6 billion in assets traded in the first half of 2021, almost three times the volume over the same period last year.
The metro has seen strong rent growth, adding up to a 14 percent increase year-over-year through July. Yardi Matrix forecasts a 12 percent growth in rents for 2021.
