Midtown 29 developers close $80M refinance
Funding replaces a $70.8M construction loan from 2016
Morgan Group and Mesirow Financial closed on a $80 million refinance loan for their Midtown apartment tower next to the popular Cuban restaurant Enriqueta’s Sandwich Shop.
Miami Midtown 29 LLC, a joint venture between Houston-based Morgan Group and Mesirow Financial, secured the financing from TIAA for Midtown 29 at 180 Northeast 29th Street.
In 2016, the development group secured a $70.8 million construction loan for its Midtown development site. The apartment complex opened in February 2018.
The 20-story, 309-unit tower includes about 12,000 square feet of retail space on the ground floor. The property also has a six-story parking garage and a seventh-story amenity deck with a pool and spa with private cabanas, an outdoor bar, grilling stations, fire pit, and a gym. Units range from studios to three bedrooms.
With mortgage rates falling it is now becoming a more attractive time to refinance, experts say.
Morgan Group also developed Pearl Dadeland, a 412-unit apartment building at 7440 North Kendall Drive. The company has developed 21,000 units at a total cost of $3.2 billion in Texas, California, Florida, Colorado, Missouri, Kansas, Arizona, North Carolina, Georgia and Tennessee, according to its website.