The Real Deal Miami

Echo Brickell developers get additional financing

Existing loan balance increased to more than $35 million
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.