Property Markets Group obtained a loan that could lay the ground work for one of the tallest buildings in Miami.
DW Commercial Finance gave New York-based PMG a $27 million loan for its project at 300 Biscayne Blvd. Arnstein & Lehr attorneys Luis Flores, Lori Hartglass and Rebecca Sarelson represented the developer in the deal. PMG said the financing will carry it through the next two years as it crafts its development plan.
Given that the condo pre-sales have recently slowed down as the U.S. dollar has gained value versus foreign currencies, taking a couple years to prepare the project could be good timing.
PMG paid $80 million in late 2014 to buy the property out of receivership after previous owners Maurice Cohen and Leon Cohen had their assets seized amid a tax evasion and bank fraud case. A 464-unit apartment called Vice is planned on the west side of the property. The condo tower on the east side would rise 1,049 feet, making it the tallest tower in Miami, PMG Principal Ryan Shear previously said.
The details of that condo proposal haven’t been finalized.
"This loan puts PMG in the driver’s seat to pre-develop the site over the next two years,” Flores said. “This transaction shows that developers and lenders have confidence in downtown Miami, where investors from all over the world are pouring millions of dollars to revitalize Miami’s historic business district. The loan also speaks to the strength of PMG, as lenders continue to be selective on whom to partner with despite a strong real estate market.”
In December, Canada-based Greybrook Securities and Greybook Realty Partners paid $37.37 million to partner with PMG in the 300 Biscayne condo project.
PMG is also building Echo Brickell, Echo Aventura, Muse and Sage Beach.