PMG and Greybrook Secure $178M to Refinance Miami Project

PMG and Greybrook will refinance a 10-story mixed-use building project in Miami after scoring $178 million.

Eastdil Secured has arranged the financing and provided the funds through Ares Management and Monarch Alternative Capital.

The property is Society Wynwood, which first opened in March, at 176 Northwest 25th Street. Located in Miami’s Wynwood Arts District, it features 318 rental apartments and 50,210 square feet of retail space.

The apartment building offers a variety of packages for tenants. For example, they can choose between “a mix of traditional units with efficient layouts and innovative “Rent-by-Bedroom” (co-living) options,” according to a statement from the two real estate firms. Plus, there are amenities, which include a rooftop pool deck, gyms, hot tub, grilling areas, theater lawn, conference rooms, smart package lockers, app-based keys, and 82,000 square feet of community space.

At the ground level of the property, various restaurants are available including Bodega Taqueria, Chama de Fogo’s Brazilian steakhouse, Dave’s Hot Chicken, Voodoo Donuts, and I Scream Gelato.

“The completed building fosters a strong sense of community with its expansive indoor and outdoor amenities and lifestyle programming for residents,” Sami Mouaket, director of U.S. investments & developments at Greybrook, said.

“Society Wynwood stands out not only for its attainably priced offering, but also its elevated lifestyle with condo standard finishes across both co-living and traditional suites.  We have seen tenants relocating from within the neighborhood, from across the state, country and even internationally, reflecting the social diversity and continued appeal of Wynwood and Miami more broadly.”

By spring 2025, Andrew Warman, managing director, of capital markets at PMG, expects that the property will be “stabilized.”

The news comes as PMG remains busy around the country with properties, particularly what it refers to as “Society Living apartment communities.” In Florida, it recently debuted an apartment building, Society Orlando, in the downtown area of the city. There, PMG is planning to add more than 8,500 units.

Other areas where the company is developing Society Living properties are Brooklyn, Denver, Atlanta, Fort Lauderdale, and Nashville.

Moreover, in June, PMG secured $668 million, representing the biggest condo loan in Florida’s history, for its luxury Waldorf Astoria Residences project in Miami.

In the past three-plus decades, PMG has delivered more than $12 billion in assets.