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