PMG scores $39M condo inventory loan for Muse Sunny Isles
68-unit building was completed earlier this year
Property Markets Group just closed on a $39 million inventory loan for Muse Residences in Sunny Isles.
Pebb Capital, a Boca Raton-based real estate and private equity investment firm, is providing the financing for PMG, according to a press release.
The developer and its partner, S2 Development, completed the 68-unit, 49-story tower at 17100 Collins Avenue earlier this year and began recording closings in June. PMG principal Ryan Shear said in the release that condo inventory loans “provide for time in down markets, which allows us to maximize pricing and hold building values.”
The financing is for less than 20 percent of the units, which comes out to about 13 units. A spokesperson declined to share terms of the loan.
In late 2015, PMG also secured a condo inventory loans for unsold units at Echo Aventura. Developers will take out that kind of financing to pay off construction lenders, pull out equity and cover carrying costs of the units they have not yet sold. The developers of Regalia in Sunny Isles Beach closed on a second, $29 million condo inventory loan earlier this year. The loan was for its two remaining unsold developer units — the penthouse and “beach house.”
At Muse, 33 units have closed in county records to buyers that include PMA Venture Capital Group, a green venture capital firm.
The building was designed by Carlos Ott and Sieger Suarez, and features a spa, fitness center, vanishing edge pool, farm-to-table lounge, pet services, cafes and a breakfast gallery.
Units include smart home control systems, and buyers also have the option to purchase wellness features, which include “advanced purification,” automated wellness amenities and lighting.