PMG scores construction loan to build apartment tower in downtown Miami
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PMG scores construction loan to build apartment tower in downtown Miami
PMG is building a 464-unit rental building at 243 N.E. 3rd Street
PMG is building a 464-unit rental building at 243 N.E. 3rd Street

Property Markets Group secured an $80 million construction loan fromCentennial Bank to begin work on a 464-unit apartment tower in downtown Miami.

The New York-based developer previously called the project at 243 N.E. 3rd Street Vice, but it might change the name. It’s being marketed as a micro-unit project with smaller apartments and amenities that would appeal to young professionals.

It’s part of 2-acre site at 300 Biscayne Blvd. that PMG acquired for $80 million in late 2014 out of a receivership case. The previous owners, Maurice Cohen andLeon Cohen, planned to build twin 93-story buildings there called Empire World Towers, but they were convicted for tax evasion and defrauding French banks. PMG eventually plans to build condos on the eastern portion of the site, but apartments are in the works first.

As part of the deal, PMG acquired additional land needed for the project for $22 million and received a $30 million preferred equity investment in the project from Square Mile Capital.

Cohen Financial’s Eric McGlynnKevin O’Grady and Daniel Sheehan plus Steven Fischer of SRF Ventures brokered the financing deal. PMG’s Ryan Shear, Matt Ellish, and Evan Schapiro engineered the deal with Arnstein & Lehr attorneysLuis Flores and Rebecca Sarelson.

"We are excited to have secured financing from Centennial and Square Mile and to begin construction on our first rental community in South Florida,” said Shear, a principal of PMG. “Miami is in dire need of a true Class-A multifamily property that meets the needs and desires of the young professionals that are such a critical part of the city’s growth.”

PMG is building a handful of condo projects in Miami-Dade, including Echo Brickell and Muse in Sunny Isles Beach. It has experience with apartments in New York, but this is its first rental building in South Florida.

The 32-story tower would total 705,750 square feet with 7,000 square feet of retail and 670 parking spaces. its units would start as small as 600 square feet. Its amenities would include a pool deck and gym.

There are 13,645 apartments in the development pipeline in greater downtown Miami, according to Integra Realty Resources’ first quarter residential report for the Miami Downtown Development Authority. Of those, 4,145 are under construction. The study found that occupancy rates remain high.

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