Midtown 29 developers close $80M refinance

Funding replaces a $70.8M construction loan from 2016

Midtown 29 and Michael S. Morgan CEO of Morgan Group
Midtown 29 and Michael S. Morgan CEO of Morgan Group

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.

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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.