PMG, Greybrook Miami Mixed-Use Site Lands $178M Refi
The property is located in the Wynwood Arts District.
PMG and Greybrook Realty Partners have refinanced the recently completed Society Wynwood property, a 10-story, 318-unit mixed-use development in Miami’s Wynwood Arts District. The $178 million refinancing was provided by funds managed by Ares Management and Monarch Alternative Capital.
Eastdil Secured arranged the construction refinancing package. PMG was represented by Randy Barcelo from Stearns Weaver Miller.
Further details about the refinancing were not disclosed, but the new package will be used to repay $142.3 million in financing the partners received in August 2021 from Pacific West Bank and Square Mile Capital and to continue lease up. The project at 176 NW 25th St. broke ground in March 2021. The developers said Society Wynwood has experienced rapid leasing velocity since welcoming its first residents in March. They expect the property to be stabilized by spring 2025.
Mixed-use Miami community
Society Wynwood offers a mix of studio and one- and two-bedroom floorplans, ranging in size from 423 to 927 square feet. It also offers coliving, or rent-by-bedroom, options. Apartment features include washers and dryers in all units, above standard ceiling heights, high-speed internet access, digital locks and private balconies or patios.
The property has more than 82,000 square feet of amenity space, including a rooftop pool deck with an outdoor gym, theater lawn, hot tub and grill areas. Other amenities include a coworking hub with private conference rooms, gym, yoga terrace lawn and smart package lockers. There are a total of 211 parking spaces. Covered parking is available for a monthly fee.
Society Wynwood has 50,210 square feet of ground-floor retail space that covers a full city block. Dining options include Dave’s Hot Chicken, Bodega Taqueria, Chama de Fogo’s Brazilian steakhouse, Las Vegas-based Nacho Daddy, Starbucks, Voodoo Donuts and I Scream Gelato.
The property is within walking distance of several museums and art galleries, as well as a large selection of shopping and dining options in the Wynwood Arts District.
The community is part of the Society Living brand, which includes Florida projects in downtown Miami, Fort Lauderdale and Orlando and offers coliving and coworking options. PMG is expanding the portfolio with units planned across the United States in markets such as Atlanta, Nashville, Tenn., and Brooklyn, N.Y.
In July 2023, PMG and Greybrook secured $226 million in construction financing from Related Fund Management and Lubert-Adler Partners for the 563-unit second phase of Society Las Olas, a 42-story multifamily community in downtown Fort Lauderdale. The two towers comprising Society Las Olas, which is in the city’s Riverfront district, will offer more than 80,000 rentable square feet. The first phase, offering 693 units, was sold in 2021. Society Las Olas is the flagship property of the company’s Society Living portfolio.
PMG is also building One Twenty Brickell Residences, a 34-story, 240-unit luxury condominium development featuring access to an office suite for each residence, in Miami’s Brickell neighborhood. Construction is slated to begin at the end of the year with completion expected by the first quarter of 2028.
