The Real Deal Miami

Echo Brickell developers get additional financing

Existing loan balance increased to more than $35 million

May 15, 2014 11:15AM
By Eric Kalis

  • Print
From left: Property Markets Group’s Ryan Shear, architect Carlos Ott and Property Markets Group’s Kevin Maloney

From left: Property Markets Group’s Ryan Shear, architect Carlos Ott and Property Markets Group’s Kevin Maloney

The developers of condo tower Echo Brickell boosted their borrowings to more than $35 million, The Real Deal has learned.

PMG Brickell, a joint venture between New York-based Property Markets Group and JDS Development, obtained a $12.8 million future advance of an existing loan, according to Miami-Dade County records. The transaction closed on April 25 and was recorded on Wednesday.

The Echo developers originally received a $22.5 million mortgage from Eastwatch Echo Lender-T in July 2013, when they purchased the 1451 Brickell Avenue project site. Eastwatch is tied to New York-based NorthStar Realty Finance.

PMG and JDS plan to construct a nearly 60-story tower with 180 condos. Prominent architect Carlos Ott designed Echo Brickell.

  • de

    Why do all these new developers who come here just assume we need another condo the same as the other 30,000 being built. What makes Brickell echo different from the 100 fortune, and related, and terra, and million other developers building the same thing. it seems like everyone is a developer these days, Russian billionaires who hike up land prices for no reason but to satify their ego, because lets be honest they can care less about building something, and developers who think 2- 3rd home buyers are never going to run out. Why is the state or banks saying “hey hold on we have not even sold the ones that are being built” why are we giving loans and allowing developers to just saturate the market, like 10 years ago” if someone can please give me a logical economic answer that makes sense it will be satisfying

  • jake

    Echo is a joke. They develop the same building over and over again. Go back to NY

  • chase

    I cant understand why they are building when they barely even sold Aventura, banks have to be retarded or give them loans on buildings they own in new York. all these developers are starting to feel the pressure and I hope hope it crashes right in their faces, they deserve every building to fail from their greed

MENU