MIAMI—Property Markets Group (PMG) and its joint venture partner S2 Development just closed a $133.7 million senior construction loan for Muse Residences. The condo is at 17141 Collins Avenue in Sunny Isles, FL. This is on top of the $167 million construction loan its developers inked last year.

Canyon Partners Real Estate made the loan, which marks a significant milestone for Muse. The developers broke ground last week. Construction for the luxury development will begin immediately with an estimated delivery date in fall of 2018.

“Canyon has been actively investing across all property types in Florida for over 20 years,” Jonathan Roth, CEO of Canyon, tells GlobeSt.com. “In addition to the $440 million in condominium construction loans we have committed over the past five years, we have also invested $377 million in retail, office, mixed use, multifamily and hotel projects through a combination of equity and senior loans.”