Midtown 29 developers close $80M refinance

Funding replaces a $70.8M construction loan from 2016

Aug.August 29, 2019 02:36 PM
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.

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.

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