Magellan scores $90M refi for Midtown Five

Loan pays off $80M construction financing from 2014

TRD MIAMI /
Feb.February 26, 2018 12:35 PM

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.


Related Articles

arrow_forward_ios
Housing Trust Group CEO and president Matt Rieger and Hudson Village renderings

HTG scores financing for Hollywood affordable housing project

HTG scores financing for Hollywood affordable housing project
J.C. de Ona, Southeast Florida Division President of Centennial Bank, Amelia Mixed Use rendering

Prestige Companies nabs loan for mixed-use project in Hialeah

Prestige Companies nabs loan for mixed-use project in Hialeah
Al Patel, President of Baywood Hotels and 1101 Northwest 57th Avenue (Credit: Google Maps)

Baywood scores $31M loan to build hotel near Miami International Airport

Baywood scores $31M loan to build hotel near Miami International Airport
Vladislav Doronin (Credit: Gesi Schilling via Wikipedia)

Billionaire developer Doronin buys Fort Lauderdale assemblage for $63M

Billionaire developer Doronin buys Fort Lauderdale assemblage for $63M
Seth Wise, Co-CEO of The Altman Companies, Altís Ludlam Trail

Altman scores $55M construction loan for Ludlam Trail project

Altman scores $55M construction loan for Ludlam Trail project
Joseph Swedroe (Corcoran, iStock)

Corcoran agent in Miami loses job over “racist and fear-based” marketing

Corcoran agent in Miami loses job over “racist and fear-based” marketing
Vanessa Grout with Vladislav Doronin

Vanessa Grout leaves Ugo Colombo’s firm to lead OKO Group’s real estate arm

Vanessa Grout leaves Ugo Colombo’s firm to lead OKO Group’s real estate arm
Rendering of the project with Jon Paul Pérez (top) and Jorge Pérez 

Related switches gears on Terminal Island project, now plans low-rise offices

Related switches gears on Terminal Island project, now plans low-rise offices
arrow_forward_ios

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

Loading...