MIAMI—300 Biscayne is getting some traction in the capital markets. Property Markets Group, or PMG, led by developers Kevin Maloney and Ryan Shear, closed on a $27 million loan from DW Commercial Finance for the site of the new project.
A team from Arnstein & Lehr, headed by Luis Flores together with attorneys Lori Hartglass and Rebecca Sarelson, represented PMG. Ryan Shear, Matt Ellish, Melissa Silva, Evan Schapiro, and Adrianne Hartman spearheaded the traction for PMG.
"This loan puts PMG in the driver's seat to pre-develop the site over the next two years," says Arnstein attorney Luis Flores, who chairs the firm's Florida Commercial Real Estate Practice Group "This transaction shows that developers and lenders have confidence in Downtown Miami, where investors from all over the world are pouring millions of dollars to revitalize Miami's historic business district. The loan also speaks to the strength of PMG, as lenders continue to be selective on whom to partner with despite a strong real estate market."
300 Biscayne sits across from Bayside in the heart of Downtown Miami's financial district and close to Miami Beach and Midtown. The project will include condos that offers clear views of Biscayne Bay and the Atlantic Ocean.
With Miami recognized as one of the major international cities today, it's no great surprise that there is a lot of equity is flowing into the market. Ed Easton, founder, chairman and CEO of The Easton Group, tells GlobeSt.com that availability of equity and debt, overall, is abundant—but …
"The criteria to obtain debt is harder than it has been because of the regulations," Easton says. "The equity is coming more from big players than small players, which was not the case in the recent past."
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