PMG-Greybrook JV Secure $162M Loan for 49-Story Miami High-Rise

MIAMI—The ownership of 400 Biscayne, a 49-story high-rise currently under construction secured a $161.5-million loan to finance the development of the more than 1 million-square-foot mixed-use project.

The financing was provided to PMG and Greybrook Realty by Centennial Bank and Square Mile Capital. Construction began on the 400 Biscayne development in June.

“Obtaining this loan from Centennial Bank and Square Mile Capital for 400 Biscayne is testament to our growing relationship with these leading multifamily lenders, and a major milestone for PMG’s continued elevation of downtown Miami,” says Ryan Shear, managing partner of PMG. “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.”

Slated for completion in 2021, 400 Biscayne will include 646 rental apartments, 51,000 square feet of commercial space and a 22,000-square-foot redesigned First United Methodist Church of Miami.

First United Methodist Church will have a dedicated entrance and structured parking to meet future operating needs. The church will include a chapel, a fellowship hall, classrooms, offices, a basketball court, and a three-story sanctuary with views of Biscayne Bay.

“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,” says Peter Politis, CEO of Greybrook Realty Partners. “Together with PMG, we are thrilled to have reached this notable achievement and look forward to watching the progress of this exciting development unfold.”

Andrew Warman, Jonathan Blank and Lowell Plotkin led the PMG team on the closing of this loan. Luis Flores led the team of Saul Ewing Arnstein & Lehr attorneys who represented the PMG and Greybrook partnership in closing the transaction.

Last month, Toronto-based Greybrook announced the successful closing of an equity investment by its managed issuer of $32.075 million to acquire and oversee the development of a prime parcel of land located along NW 2nd Avenue and NW 25th St. in Miami’s Wynwood neighborhood. Together with its developer partner, PMG, the firm intends to develop the land into a mixed-use multi-family residential building consisting of more than 220 rental units and more than 35,000 square feet of retail.

The Wynwood project is the latest addition to Greybrook’s growing portfolio of social living and co-living multi-family rental developments in the U.S. with PMG as developer partner. The development will be Greybrook’s third investment in PMG’s social living platform and follows the Las Olas development in Fort Lauderdale, as well as the 400 Biscayne development in Downtown Miami, both currently under construction.

PMG, with offices in Miami and Manhattan, has led the acquisition, financing, development, construction, and marketing for 85 residential buildings and more than 150 real estate projects.

Notable completed PMG projects include Walker Tower, Stella Tower, The Belnord, The Briarcliffe, The Kingsley, Mei Miami Beach, 10 Sullivan, Queens Plaza South, Echo Aventura, Echo Brickell, X Miami, and Muse Sunny Isles. Currently, PMG is in various stages of developing more than 5 million square feet of residential properties, including Queens Plaza Park, 111 Leroy Street, 111 W 57th St., Waldorf Astoria Downtown Miami and numerous others throughout New York City and South Florida.

Greybrook Realty Partners and its affiliates have invested in more than 70 real estate projects across Canada and the United States. In aggregate, its real estate investment portfolio is expected to result in the development of more than 35 million square feet of residential and commercial density, with an estimated completion value of $15 billion.