A Chicago developer received an $80 million construction loan for a luxury rental apartment project in Midtown Miami, The Real Deal has learned.
Miami Midtown Owner LLC, which shares a Chicago address with Magellan Development Group, obtained the financing from a group of lenders managed by TD Bank, according to Miami-Dade County records. The transaction was recorded on Friday. The company also took title to the 3201 Northeast First Avenue project site in a $14 million deal.
Plans for the 24-story project – dubbed Midtown 5 – include 400 studios and one, two and three-bedroom apartments, according to Magellan’s website. Midtown 5 will also have more than 52,000 square feet of indoor and outdoor amenities.
The Midtown 5 property is near the site of Hyde Midtown Hotel & Residences, the Arquitectonica-designed project being developed by the Related Group and Dezer Development.