PMG nabs $106M loan for downtown Miami rental tower
Financing will be used to pay off $80M construction loan
Property Markets Group secured a $106 million loan for X Miami, a recently completed rental tower in downtown Miami.
Pacific Western Bank is providing the financing, which will be used to pay off an existing $80 million loan for the 32-story, 462-unit building at 240 Northeast Fourth Street, according to a press release. Centennial Bank was PMG’s construction lender.
PMG’s Andrew Warman, Jonathan Blank and Matt Ellish worked on the loan. Saul Ewing Arnstein & Lehr attorneys Luis Flores, Rebecca Abrams Sarelson and Louis P. Archambault represented the developer.
PMG completed X Miami earlier this year. The tower includes a slew of high-tech features, and amenities like a gym, sky dog park, screening lounge, co-working lab, pool deck and bars. In August, the developer announced The Guild Hotels was opening on four floors of the building, offering virtual check-in and check-out for its 64 units.
Alliance is handling the majority of leasing with ISG. Rents range from the $1,300s and go up to about $3,000. The building offers rent-by-bedroom options.
The developer also financed construction with a $30 million preferred equity investment from Square Mile Capital. PMG plans to develop the adjacent site at 300 Biscayne Boulevard into a condo tower, but has yet to disclose its plans.
X Miami is part of PMG’s X Social Communities portfolio of apartments. The New York and Miami developer has about 10,000 rental units in its pipeline, including X Las Olas, a redevelopment of the Las Olas Riverfront with about 1,200 multifamily units.