PMG and Greybrook receive $ 142 million development loan in Miami

0
40

[ad_1]

The partnership between PMG and Greybrook Realty Partners raised $ 142.3 million in funding to develop Society Wynwood, a 318-unit mixed-use project in Miami’s Wynwood Arts neighborhood. The loan was provided by Pacific West Bank and Square Mile Capital.

Development began in March this year. PMG and Greybrook are collaborating with MKDA architects and expect to complete the project in the first half of 2023.

Over the past two years, the partnership has paid a total of $ 57 million to acquire site components for Society Wynwood. The real deal reported. The total cost of the project is estimated at $ 262 million, according to the Greybrook website.

Plans for a 10-story community at 2431 NW Second Ave. provide for the creation of studios and apartments with one or four bedrooms ranging from 410 to 1370 square feet. Coliving options will also be available at the hotel. Amenities include a coworking space, gym, swimming pool and 50,210 square feet of retail space.

The development site, located in the Wynwood Arts area, is within walking distance of several museums and art galleries, as well as a large selection of shops and restaurants.

The community is part of the Society Living brand, which includes Florida projects in downtown Miami, Fort Lauderdale and Orlando. PMG intends to significantly expand its portfolio to include more than 8,500 pieces of equipment throughout the US targeting Atlanta, Brooklyn and Nashville, Tennessee.

Multi-family growth in Miami

As of August, more than 22,300 housing units were under construction in Miami, most of which are focused on the Lifestyle segment. From the beginning of the year to July, completed works accounted for 2.8 percent of existing reserves at recent report by Yardi Matrix shows.

When it comes to transactional activity, Miami has been one of the best performers nationwide: $ 2.6 billion in assets were sold in the first half of 2021, almost three times more than in the same period last year.

The metro has seen a significant rise in rents, up 14 percent from last year to July. The Yardi Matrix predicts a 12 percent rise in rents in 2021.

[ad_2]

Source link