Developers Property Markets Group (PMG) and Greybrook Realty Partners have secured a $161.5 million development loan for their upcoming co-living apartment tower at 400 Biscayne Blvd. in downtown Miami.
The financing was provided by Centennial Bank and Square Mile Capital. The loan closed late Wednesday.
The 49-story tower, which broke ground in June, will feature 646 rental apartments and 51,000 square feet of commercial space. It will also incorporate a redesigned, 22,000-square-foot space for First United Methodist Church of Miami, which previously occupied the property. PMG bought the one-acre site in 2018 for $55 million from the church.
“Obtaining this loan from Centennial Bank and Square Mile Capital is testament to our growing relationship with these leading multifamily lenders,” said Ryan Shear, managing partner of PMG, in a press release.
“We are working hand-in-hand with First United Methodist Church and Greybrook Realty Partners to create something special for the neighborhood, which will continue to foster growth and connection in this city we love,” Shear said.
PMG introduced the co-living concept to South Florida with the 32-story, 464-unit X Miami building at 230 NE Fourth St. That building, which opened in 2018, features 80 co-living apartments, which allow tenants to rent by bedroom. Centennial and Square Mile also financed that project.
Another PMG co-living project — the 650-unit, 41-story X Las Olas in Fort Lauderdale — is scheduled for completion in 2020.
A portion of the units at the 400 Biscayne project will be designated as co-living. The building is slated for completion in 2021.
“Securing this construction financing for 400 Biscayne underscores the confidence the lending community has in our co-living multi-family residential platform and the underlying asset,” said Peter Politis, CEO of Greybrook Realty Partners.