New York-based Property Markets Group closed on a $33.8 million condo inventory loan last week for unsold units at Echo Aventura, county records show.
PMG, led by Kevin Maloney, took the low leverage loan out for 25 units, including upper and lower penthouse units. Three units are in the west tower and the remaining 22 are in the east tower, according to the mortgage. The development sold the other 165 units and expects to sell out next year, PMG principal Ryan Shear told The Real Deal.
“It’s typical in projects when we have retired equity and debt and are left with a balance of inventory,” Shear said.
An affiliate of Benefit Street Partners, an investment arm of Providence Equity Partners, is the lender. Benefit Street Partners manages more than $11 billion in assets, according to its website.
Echo Aventura marks the first completed South Florida condo project for PMG this real estate cycle and the third completed condo project in Aventura since the cycle began in 2011. The two 12-story towers, at 3250 and 3300 Northeast 188th Street, include 190 units. PMG began recording closings for the development in mid-August, according to Miami-Dade County records.
Carlos Ott is the project architect and Yabu Pushelberg designed the interiors. The 5-acre development includes amenities such as access to a bayfront infinity edge pool, a 4,000-square-foot fitness center, two private porte cochere entrances and an event room, marketing materials show. Units are fully furnished, and feature summer kitchens and Apple home technology. Prices range from $700 per square foot to more than $1,000 per square foot, Shear said.
Earlier this month, PMG partnered with Greybrook Securities and Greybrook Realty Partners on the luxury condo component of 300 Biscayne in downtown Miami.