PMG and Greybrook Receive $ 142M Building Loan for Society Wynwood Project – Commercial Observer

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Real Estate Markets Group (PMG) and Greybrook Realty Partners received a $ 142.3 million construction loan for the Wynwood mixed-use project in Miami from Pacific western bank and Square Mile Capital Management– said the developers.

Wynwood Society, located in 2431 NW 2nd Avenue, located in the center of the district, next to Wynwood walls art installation between 24th and 25th Street… Developers purchased the 14,905-square-foot land plot in 2019 for $ 24.5 million, according to documentation.

With construction already underway and scheduled for completion by the spring of 2023, the 10-story complex will include 318 rental units and 50,210 square feet of retail space.

Society Wynwood is the third PMG rental company. Society of life brand in South Florida. Las Olas Society downtown Fort Lauderdale opened in May, and Biscayne Society downtown Miami is slated to open by the first quarter of 2022.

Wynwood is one of Miami’s most popular neighborhoods and is becoming a favorite with burgeoning startups, tech, and finance. New York hedge fund last week Schonfeld Strategic Advisors announced that there would be create a second headquarters v Dorsey… Earlier this year Wynwood took v Bitcoin 2021 conference, which attracted about 50,000 visitors.

“Receiving this building loan for Society Wynwood further proves the strength of the Society Living portfolio and the attractiveness of social housing communities.” Sami Muaket– said in a prepared speech, the director of US investment and development at Greybrook Realty.

Based in both New York and Miami, PMG specializes in residential projects with a portfolio spanning 8,500 units and more than 16 million square feet of development, according to the company. Its partner, Toronto-based private equity firm Greybrook Realty, has invested more than $ 1.4 billion in more than 85 real estate projects in Canada and the United States, the company said.

Julia Echikson can be reached at: jechikson@commercialobserver.com

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