Midtown 6 developers nab $110M construction loan
Developers paid $28M for the 2.14-acre development site
The developers of Midtown 6, a luxury rental tower planned for Midtown Miami, just closed on a $110.3 million construction loan, according to HFF.
Magellan Development Group, J.P. Morgan Asset Management and Alex Vadia secured the financing from PNC and BMO Harris Bank. PNC is the lead lender. HFF’s Scott Wadler and Elliott Throne arranged the loan, Wadler told The Real Deal.
Last week, Vadia sold the 2.14-acre development site at 3101 Northeast First Avenue for $28 million to a partnership that included him and Magellan. As planned, Midtown 6 will have 447 luxury apartments and 40,500 square feet of retail space.
Magellan, a Chicago-based residential developer, received approvals earlier this year for Midtown 6 and 7, the latter of which will be another 32-story tower with 838 units. The buildings, designed by Chicago-based bKL Architecture, will share a common courtyard and pedestrian plaza. Midtown 6 will also have nearly 74,000 square feet of amenities, including a pool and spa, fitness areas, game room, lounge, office, kitchen and bars, and fireplaces.
Earlier this year, Magellan and Midtown Development opened Midtown Five, a 24-story tower with 400 units, 52,000 square feet of amenity space, along with ground floor retail. According to an apartment guide, rental rates at Midtown Five range from $1,544 a month for a studio to $5,323 a month for a three-bedroom apartment.
Magellan financed Midtown Five, which opened in January, with an $80 million construction loan.
Vadia’s Midtown Opportunities began acquiring land in Midtown Miami back in 2010, amassing 22 acres of developable land. The company still owns the 2-acre development site of Midtown 8, where Wood Partners plans to build a 28-story, 387-unit at 2951 Northeast First Avenue.