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.


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