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.

Related Articles

Zaha Hadid and One Thousand Museum (Credit: Getty Images)

PHOTOS: Inside Zaha Hadid’s Miami tower

Olympia Theater (Credit: Getty Images)

Maurice Gusman heirs sue city of Miami to regain ownership of Olympia Theater

Rendering of downtown Miami courthouse to be built by Plenary Group and Miami-Dade County

All rise: Miami-Dade commissioners approve $267M downtown Miami courthouse project

Moishe Mana and 25 West Flagler Street

Moishe Mana buys City National Bank building in downtown Miami

One Thousand Museum and Krinos owner Eric Moscahlaidis

Krinos Foods owner revealed as buyer of One Thousand Museum condos

Brickell Flatiron and Ugo Colombo

Ugo Colombo pays off $236M construction loan for Brickell Flatiron

Related Group building at 315 Biscayne Boulevard and Jorge Pérez (Credit: Google Maps)

Related Group lists downtown Miami HQ

Rendering of Legacy Hotel and Residences with Dan Kodsi and Peggy Olin

Developer Dan Kodsi plans hotel-condo tower at Miami Worldcenter