PMG, Greybrook Score Building Loan for Wynwood Society

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Society Wynwood Multifunctional Project Developers Receive $ 142 Million Construction Loan

Ryan Shire featuring the Biscayne Society (Property MG)

PMG and Greybrook Realty Partners have received a $ 142.3 million building loan for their planned mixed-use rental project in Wynwood.

Pacific Western Bank and Square Mile Capital reportedly provided the loan to Society Wynwood, which began construction earlier this year at 2431 Northwest Second Avenue.

The 10-story building will have 318 apartments and 50,210 square feet of commercial space upon completion. Amenities will include a poolside terrace, yoga lawn, food and drink facilities, a gym, coworking space, revolving art gallery and an underground audio room. It will offer both traditional apartments and coliving with the possibility of daily rent.

Andrew Warman, Lowell Plotkin and Jonathan Blank of PMG represented the developer on the loan.

This project will be the third Society-branded development for PMG in South Florida, which has Society Las Olas and Society Biscayne, the latter of which is expected to open in early 2022. The company plans to create more than 8,500 divisions of the Society nationally, including projects in Atlanta, Brooklyn and Nashville.

The developers have been collecting Wynwood land over the past two years for more than 57 million dollars, including Acquisition of $ 11.5 million land in December previously owned by RedSky Capital and JZ Capital Partners.

Development continued at a rapid pace in Wynwood, with office projects began to spread quite recently. In August, the developer David EdelsteinTriStar Capital and partner RAL Development paid $ 13 million to complete the assembly in Wynwood. Both companies plan to build a $ 200 million Class A office project on Northwest Fifth Avenue.

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