300 Biscayne is PMG's first South Florida multifamily development. It will feature studios, one bedrooms, New York-style Junior 4s, a swell as two and three bedroom residences. The design-focused and tech-oriented building is architected with floorplans that aim to keep prices down. The multifamily property will also feature ground floor retail space and world class amenities in its common areas, providing a lifestyle not found in competitive properties

Miami is recognized as a major international city so it's not surprising 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.”

MIAMI—Property Markets Group, a developer with bets in New York, South Florida and Chicago, just closed a $110 million loan to build 300 Biscayne. Cohen Financial's Eric McGlynn, Kevin O'Grady, and Daniel Sheehan of Cohen Financial's Miami office facilitated the loan.

Cohen Financial secured an $80 million construction loan from Centennial Bank in conjunction with a $30 million preferred equity investment from Square Mile Capital. Cohen Financial secured the financing in partnership with Steven Fischer of SRF Ventures, a real estate advisory firm.

“Construction financing has become more scarce over the last year, with a majority of available capital going to projects such as 300 Biscayne which has an urban infill location, is differentiated from its peers and has strong sponsorship,” says McGlynn. “By combining preferred equity with the senior construction loan, Cohen Financial secured a fully nonrecourse structure at optimal leverage for PMG to continue to expand its presence in South Florida.”

300 Biscayne is a 464-unit multifamily project. The property sits at 243 NE 3rd Street, half a block off Biscayne Boulevard and directly across from the Bayside Marketplace in Downtown Miami.

300 Biscayne is PMG's first South Florida multifamily development. It will feature studios, one bedrooms, New York-style Junior 4s, a swell as two and three bedroom residences. The design-focused and tech-oriented building is architected with floorplans that aim to keep prices down. The multifamily property will also feature ground floor retail space and world class amenities in its common areas, providing a lifestyle not found in competitive properties

Miami is recognized as a major international city so it's not surprising 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.”