JV Lands $102M Loan for Phoenix Community
- Oct 14, 2019
A joint venture of PMG and Raven Capital Management has secured a $102.1 million construction loan for its 253-unit luxury community in downtown Phoenix. The project, formerly dubbed X Phoenix, is a mixed-use property that will include co-living units as well as traditional units and is part of PMG’s new multifamily brand that has yet to be announced.
A CBRE Capital Markets team of James Millon, Tom Traynor, Mark Finan and Rocco Mandala brokered the loan, which was provided by CIM Group.
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Located at 200 W. Monroe St., the 20-story property broke ground in May of this year and will span a fully city block between Second and Third Avenues in the downtown core. The project will comprise a unit mix of studio, one- and two-bedroom units with efficient layouts, as well as co-living options with lower rental prices.
Resident amenities at the building will include a swimming pool, deck, performance stage and lawn, co-working spaces, fitness center, smart package lockers and bike storage. The property will also house 36,000 square feet of commercial space, including office, retail and a food hall.
PMG’s development pipeline
The downtown community marks PMG’s first foray into the Phoenix market. The construction loan comes on the heels of PMG securing a $161.5 million loan for 400 Biscayne, its co-living tower in downtown Miami, last month, as well as a $31 million loan for its X Chicago community in the University Village neighborhood in March of this year.
Other projects within PMG’s new multifamily brand currently under development include a community in Miami’s Wynwood District, downtown Fort Lauderdale and downtown Orlando. The company is planning to construct more than 7,500 units over the next five years.