$124M mortgage given to Echo Brickell developer

Property Markets Group plans to start construction of condo tower by month's end

TRD MIAMI /
Oct.October 22, 2014 11:15 AM

Developer Property Markets Group obtained nearly $124 million in construction financing for Echo Brickell and plans to start construction on the 180-unit tower by the end of October.

Canyon Capital Realty Advisors provided the mortgage for the project, according to Wednesday’s announcement from a Property Markets Group spokesperson. Miami-Dade County has not recorded the transaction. More than 80 percent of Echo Brickell’s units are under contract.

Cohen Financial’s Miami team represented the developer in the deal.

Echo Brickell includes a mix of one, two and three-bedroom condos. Architect Carlos Ott collaborated with YOO Studio Design on the project.

“With Echo Brickell, our aim was to emulate the luxury product that really only existed on the beach,” Property Markets Group principal Ryan Shear said. “The fact that our sales are blending north of $1,000 per foot is a testament that the market for luxury in this location is viable and strengthening.” — Eric Kalis


Related Articles

arrow_forward_ios
WATCH: Developers and co-living operators shed light on the growing industry

WATCH: Developers and co-living operators shed light on the growing industry

Echo Brickell and PMG principal Ryan Shear

Construction of Echo Brickell allegedly damaged neighboring condo building: lawsuit

Renderings of 400 Biscayne and Kevin Maloney 

Developers land $162M loan for downtown Miami co-living tower

Echo Brickell and Steven Pasko

Miami investment manager buys penthouse at Echo Brickell

Plans revealed for PMG’s apartment tower at 400 Biscayne

Plans revealed for PMG’s apartment tower at 400 Biscayne

Waldorf Astoria tower in downtown Miami scores $33M pre-development loan

Waldorf Astoria tower in downtown Miami scores $33M pre-development loan

Honey, millennials shrunk the office space: panel

Honey, millennials shrunk the office space: panel

PMG to build Waldorf Astoria tower in downtown Miami

PMG to build Waldorf Astoria tower in downtown Miami

arrow_forward_ios