Magellan’s Jim Losik and a rendering of Midtown Five (Credit: Midtown Five)
Magellan Development Group just scored a $90 million loan to pay off construction financing for Midtown Five.
Property records show the developer is refinancing the 400-unit luxury apartment tower at 125 Northeast 32nd Street with a loan from TD Bank. Magellan is using the financing to pay off an $80 million construction mortgage secured in 2014, also from TD Bank.
The Chicago-based firm broke ground on the 26-story building in 2015 and delivered the project in January 2017. It’s now about 75 percent leased, a spokesperson said.
Apartments at Midtown Five have floor-to-ceiling windows, stainless steel appliances, keyless entry and smart-home features. Residents have access a 2,750-square-foot fitness center, a yoga lawn and meditation garden, a pet-friendly community space, pool deck with cabanas, and a business center.
The project’s ground floor retail component is fully leased to pizzeria Midici, a Lime Fresh Mexican Grill, a nail salon, dentist’s office and others.
Originally slated to be a condo tower with a different developer, Midtown Five was Magellan’s first project in South Florida. Magellan is also building another rental tower called Midtown Six, with partners J.P. Morgan Asset Management and Alex Vadia.