District 36 development lands $68M loan

Miami /
May.May 20, 2015 09:45 AM

Developers of District 36, a mixed-use residential tower in Midtown Miami, obtained a $68 million construction loan on Tuesday.

JPMorgan Chase Bank granted the mortgage to MREG NE 36 Owner LLC, according to Miami-Dade County records. New York-based Mack Real Estate is tied to the LLC, corporate records show.

Last week, ADD Inc. was tapped to design the 19-story development, which will include 195 rental apartments, 61,500 square feet of retail and restaurant space on the first and second levels, four floors of enclosed parking, and an amenities and pool deck.

MREG paid $9 million for the 1.3-acre site at 3635 Northeast First Avenue, 3604 and 3620 Northeast First Court in February 2014, according to Miami-Dade property records. One parcel remains on the block: a 9,300-square-foot lot bordering I-195 and Northeast First Court, owned by Kidco Child Care. Kidco paid $243,000 for the site in July 1993, records show.

District 36 is expected to begin construction this month and is slated for completion in October 2016.


Related Articles

arrow_forward_ios
From left: David Edelstein, Alex Karakhanian and Victor Ballestas in front of the property at 3601 North Miami Avenue (Lndmrk Development, Tricap, Integra Investments, LoopNet)
David Edelstein, partners buy Design District dev site, plan office tower
David Edelstein, partners buy Design District dev site, plan office tower
Rüger Holding KG’s René Gerdom with 3300 N. Miami Avenue and 20 Northwest 34th Street (Marcus & Millichap, Tricap, Zillow, iStock)
German firm picks up Midtown Miami retail properties for $23M
German firm picks up Midtown Miami retail properties for $23M
AMLI Residential’s Gregory Mutz, Mesirow Financial’s Richard Price and Morgan Group’s Philip Morgan with 80 Northeast 29th Street (Showcase, AMLI, Mesirow, Morgan Group)
AMLI Residential keeps betting on Edgewater, pays $104M for apartments
AMLI Residential keeps betting on Edgewater, pays $104M for apartments
AMLI Residential Chairman and CEO Gregory Mutz with the site (Google Maps, AMLI)
AMLI Residential bets $31M on another Midtown Miami development site
AMLI Residential bets $31M on another Midtown Miami development site
The Standard hotel-branded condos are coming to Midtown Miami
The Standard hotel-branded condos are coming to Midtown Miami
The Standard hotel-branded condos are coming to Midtown Miami
Carl Austin Rosen and 235 Northeast 29 Street in Miami (Second Hand Songs, DWNTWN Realty Advisors/Crexi)
Music exec and songwriter buys Edgewater building in Opportunity Zone
Music exec and songwriter buys Edgewater building in Opportunity Zone
Alex Vadia’s Midtown Miami property could get height increase to 48 stories
Alex Vadia’s Midtown Miami property could get height increase to 48 stories
Alex Vadia’s Midtown Miami property could get height increase to 48 stories
WATCH: Avra Jain on Miami development and “getting off the Beach”
WATCH: Avra Jain on Miami development and “getting off the Beach”
WATCH: Avra Jain on Miami development and “getting off the Beach”
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...