Property Markets Group, developer of Walker Tower in Manhattan, has received $22 million to buy the land where it is planning the 190-unit Echo Aventura project.
Mission Capital Advisors arranged the financing, another milestone for condo development in South Florida, said Jason Cohen, Mission's managing director.
“This is the beginning of being able to get deals financed in South Florida for condominiums. Up until recently you could not get this kind of deal done. These deals were often done with cash or with buyer deposits.”
After generating $120 million in sales for the project, PMG plans to break ground on the project by the summer.
The designers behind the Echo project are Carlos Ott and Yabu Pushelberg. Ott is also the architect on PMG’s 24-unit condo Sage Beach in Hollywood.
95th on the Ocean, a boutique beachfront development featuring seven luxury waterfront homes, is PMG's third South Florida project.
Kevin Maloney, founder and executive director of PMG, said both South Florida and New York are exciting markets to be working in today, particularly in the luxury sector because of the demand for product.
Some of PMG’s developments in New York include Walker Tower located at 212 West 18th St., which consists of 53 residences; 105 W 57th St., 50 N. First St. in Williamsburg, which will house 46 units, and 435 W 50th St., which will feature 65 residential units.