The developer of a large apartment project across from Miami’s Dadeland Mall received a $71.3 million construction loan, The Real Deal has learned.
JPMorgan Chase Bank provided the financing for the Pearl at Dadeland on Thursday, according to Miami-Dade County records. The county recorded the transaction on Monday. The Houston-based Morgan Group and Invesco Real Estate of Dallas are teaming up to develop the 412-unit Pearl.
Morgan and Invesco have the ability to borrow up to $143 million over the next 20 years. The companies are building a sister property called Pearl at Flagler Village in Fort Lauderdale.
The developers previously closed a TigerDirect store on the Dadeland site. They plan to demolish the building. — Eric Kalis