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
Brickell Flatiron and Ugo Colombo

Ugo Colombo pays off $236M construction loan for Brickell Flatiron

2965 West Corporate Lakes Boulevard and Black Creek Group CEO Raj Dhanda (Credit: Google Maps, Blue Vault)

TIAA sells Weston warehouse for $33M

Set Midtown rendering

Brickell Construction sues for $1.2M in work at project near Midtown Miami

Avra Jain and a rendering of 225 NE 34th Street

Avra Jain plans to benefit from Opportunity Zone for Midtown office building

Rendering of Sailboat Bend II

Affordable housing project in downtown Fort Lauderdale lands $27M loan

Rendering of the Edgewater Holiday Inn pool

Bank OZK lends $28M for Holiday Inn project in Edgewater

Alex Rodriguez (Credit: Getty Images and iStock)

Work out like A-Rod? Athlete inks Midtown Miami lease for UFC Gym

Rendering of SLS Resort Residence & Marina Hallandale Beach, Ari Pearl, Sam Nazarian and Faisal Ashraf

Ari Pearl lands $100M loan to build first phase of SLS project in Hallandale Beach

arrow_forward_ios
Loading...