The Real Deal Miami

Pearl Midtown 29 lands $71M construction loan

Morgan Group bought the development site in December for $19M

April 05, 2016 09:45AM
By Katherine Kallergis

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Midtown 29

A rendering of Midtown 29

Houston, Texas-based Morgan Group closed on a $70.8 million construction mortgage for its Midtown development site. 

County records show Miami Midtown 29 LLC, an affiliate of Morgan Group, took the financing out for the Pearl Midtown 29 land at 180 Northeast 29th Street, nearly an entire block between Northwest 28th and 29th streets, on the east side of the railroad tracks in Wynwood.

Wells Fargo is the lender. HFF arranged the deal, according to a press release.

In December, a partnership between Fifteen Group, Adler Development and Encore Housing Opportunity Fund sold the 2-acre site for $19.1 million. Morgan Group will build a 20-story, 309-unit mixed-use apartment tower with about 13,000 square feet of retail, Evan Schlecker, Morgan Group’s regional vice president of development told The Real Deal. It will also include a six-story parking garage and a seventh story amenity deck with a pool and spa with private cabanas, an outdoor bar, grilling stations, fire pit, and a gym. Units will range from studios to three bedrooms.

The project is a joint venture between Morgan and Mesirow Financial.

Property records show Morgan’s holdings take up the majority of a city block, with two exceptions: a 5,600-square-foot corner lot, where Enriqueta’s Sandwich Shop sits in a 1,800-square-foot building, and the 10,500-square-foot corner plot that the Adler partnership still owns at 2800 Northeast Second Avenue. 

The Texas developer filed a notice of commencement in January, listing Coastal Construction as its general contractor. Morgan Group is also developing Pearl Dadeland, a 412-unit apartment building in Miami. That will open in June, Schlecker said.