Property Markets Group gets $126.8M to build The Muse
Property Markets Group – a developer with a large footprint in Miami and New York – has secured a $126.8 million construction loan to build The Muse, a luxurious residential tower in one of Miami’s hottest condo markets.
The Muse, in Sunny Isles Beach, is being developed by PMG in partnership with S2 Development, a Florida-based residential developer.
Guggenheim Partners’ affiliate Guggenheim Commercial Real Estate Finance was the lender. The deal closed on Dec. 9, according to public records. PMG S2 Sunny Isles LLC was the borrower.
Under the deal, Guggenheim assumed a $40.8 million bridge loan that PMG S2 secured from Delaware Life Insurance three months ago. As a result, Guggenheim is pitching in $167.7 million to help build the 50-story tower on the Atlantic Ocean.
The Muse, at 17141 Collins Avenue, is one of several options for buyers looking to own a luxury condo with unobstructed views of the Atlantic Ocean. The 43-story, 39-unit Regalia tower was just completed and developments like Jade Signature, Mansions at Acqualina and Porsche Design Tower are under construction.
PMG has been on a borrowing spree in recent months.
In October, Deutsche Bank lent PMG close to $130 million in construction financing for a proposed 44-story rental tower in Long Island City.
In August, PMG got its $22.5 million construction loan for Echo Aventura increased to $104.5 million. The lender was New York-based Northstar Realty Finance Corp.
When it comes to buying real estate in South Florida, PMG has been scoring some of the most high-profile deals – just last month, PMG’s affiliate PMG-CH Downtown Developers paid $80 million for 2 acres in downtown Miami. That same site sold for nearly $32 million in 2005.