Developers land $162M loan for downtown Miami co-living tower

Centennial Bank and Square Mile Capital are financing construction of 49-story tower

Sep.September 12, 2019 02:30 PM
Renderings of 400 Biscayne and Kevin Maloney 

Renderings of 400 Biscayne and Kevin Maloney

UPDATED, Sept. 12, 2:50 p.m.: Kevin Maloney’s Property Markets Group and Greybrook Realty Partners closed on a $161.5 million loan for a rental tower they’re planning in downtown Miami.

The partners broke ground on the project, a 49-story, 646-unit building at 400 Biscayne Boulevard, in June. Centennial Bank and Square Mile Capital are the lenders, according to a press release.

400 Biscayne will be part of new apartment brand for PMG. Amenities will include co-working spaces, a gym and fitness studio, pool deck and lounge, smart package lockers and bike storage, as well as a lobby lounge and restaurant.

The tower, with co-living units, will include 51,000 square feet of commercial space and a 22,000-square-foot First United Methodist Church of Miami, which sold the 1.15-acre development site to PMG in early 2018 for $55 million.

Sieger Suarez Architects is designing the high-rise, which will have a mix of studio, one-, two- and three-bedroom apartments on floors 14 to 47. A pool deck would be built on the ninth floor, with a church sanctuary with a separate entrance beginning on the eighth floor, according to the plans.

Andrew Warman, Jonathan Blank and Lowell Plotkin helped arrange the loan. Luis Flores of Saul Ewing Arnstein & Lehr represented the developers.

The building is expected to be completed in 2021.

The Miami Herald first reported the loan.

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