PMG has taken $106 million in refinancing on X Miami, a recently completed 464-unit high-rise community in downtown Miami. The loan, held by Pacific Western Bank, retires an $80 million construction mortgage from Centennial Bank. The project broke ground in June 2016 and welcomed its first residents in July.
Located at 230 NE Fourth St., the property is positioned approximately a quarter mile south of the American Airlines Arena, along Biscayne Boulevard. More than 11.5 million square feet of Class A office space is within a mile of the community, according to Yardi Matrix. Ample public transportation links, including buses as well as a light rail station, operate nearby.
The community contains a mix of one- and two-bedroom units for rent, in addition to a unique rent-by-bedroom social living program across many of the asset’s two- and three-bedroom apartments. The property offers a wide range of amenities, including:
- rooftop pool
- sky dog park
- fitness center with daily classes
- coworking space
“(X Miami) is a pioneer project in that it combines the best of metropolitan luxury multifamily development with the social and financial benefits of co-living,” Ryan Shear, principal with PMG, told Multi-Housing News. “Demand is insatiable, because local professionals are priced out of traditional luxury buildings, crave a community-driven lifestyle and value experience above all.”
Saul Ewing Arnstein & Lehr’s Luis Flores, Rebecca Abrams Sarelson and Louis Archambault represented PMG in the transaction.
Images courtesy of PMG