PMG, S2 close on $134M construction loan for Muse tower

Developers are set to break ground on 47-story condo tower next week

TRD MIAMI /
Aug.August 06, 2015 10:30 AM

Joint venture partners Property Markets Group and S2 Development have closed on a $133.7 million construction loan for the Muse Residences in Sunny Isles Beach, developers announced on Thursday.

Canyon Partners Real Estate, a Los Angeles-based real estate investment management firm and advisor, was the lender.

“Canyon has been an active investor in South Florida for over two decades, and we are pleased to extend the Canyon lending portfolio with this investment,” Ronald C. Muzii Jr., Canyon senior director for the Southeast, said in a statement. “We’ve committed $440 million in condo loans during the current cycle in South Florida, and this is the 14th investment we have closed in Florida over the past five years.”

Muse, at 17141 Collins Avenue, will have 68 units when completed. PMG and S2 will break ground on the 47-story residential tower next week. Floor plans will range from two bedrooms to five, and start at 2,360 square feet. Muse will also include two full-floor penthouses with more than 5,800 square feet. It’s slated for completion in the fall of 2018, according to a press release.

Developers began converting reservations to contracts in July 2014. ISG World is the project’s exclusive sales and marketing firm.

New York-based PMG is also developing Echo Brickell, Echo Aventura and Sage Beach in Hollywood Beach. S2 is also behind O Residences in Bay Harbor Islands and Uptown Marina Lofts in Aventura. – Katherine Kallergis


Related Articles

arrow_forward_ios
A map of condo sales and Setai in Miami Beach (Credit: Google Maps)

Weekly condo sales volume in Miami drops to $50M

Weekly condo sales volume in Miami drops to $50M
Renderings of the project and Gil Dezer (Getty; Renderings via  Zyscovich Architects)

Dezer’s 30-acre megaproject in North Miami Beach gets first approval

Dezer’s 30-acre megaproject in North Miami Beach gets first approval
From left: David Koster, Gabriel Markovich, Seth Kaufman and Daniel de la Vega

One Sotheby’s acquires Decorus Realty in Sunny Isles Beach

One Sotheby’s acquires Decorus Realty in Sunny Isles Beach
Ben Nehmadi, Joseph Zichelle, Melissa Barragan, and Adam Gurewicz, with the unit

Turnberry Ocean Colony PH in Sunny Isles Beach sells for $7M

Turnberry Ocean Colony PH in Sunny Isles Beach sells for $7M
Judge gives Regalia developer A year to sell remaining units

Bankruptcy judge gives Regalia developer a year to sell PH and beach house

Bankruptcy judge gives Regalia developer a year to sell PH and beach house
Gil Dezer with a rendering of Porsche Design Tower and Residences by Armani/Casa (Credit: ARX via Madison Global)

Miami judge will rule if ex-Dezer COO is entitled to more than $10M in profits

Miami judge will rule if ex-Dezer COO is entitled to more than $10M in profits
A Sunny Isles Beach landlord said a restaurant refused relief and vacated the property.

RK Centers alleges restaurant refused Covid relief, vacated property

RK Centers alleges restaurant refused Covid relief, vacated property
Alexander Nabutovsky and Regalia

Blockchain firm founder pays $5M for Regalia condo

Blockchain firm founder pays $5M for Regalia condo
arrow_forward_ios

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

Loading...