The developers of two E11even-branded condo towers in downtown Miami closed on a $262 million construction loan for the second planned high-rise and expanded its size, The Real Deal has learned.
New York and Miami-based Property Markets Group, and E11even Partners, led by Marc Roberts, Michael Simkins and Dennis DeGori, secured the financing from New York-based Madison Realty Capital for E11even Residences Beyond, PMG confirmed. A JLL team led by Christopher Peck and Brian Gaswirth arranged the loan.
The 449-unit E11even Hotel & Residences Miami, the first planned condo building at 20 Northeast 11th Street, nearly presold out quickly after launching sales in early 2021. The second, then a planned 461-unit condo building at 90 Northeast 11th Street, previously was more than 90 percent presold, but the developers recently amended their plans to add more units and amenities to the tower. Now it’s about 80 percent presold, with more than 550 units planned, according to PMG Managing Partner Ryan Shear.
Remaining units are priced starting in the $600,000s.
A groundbreaking ceremony for E11even Residences Beyond is planned for Thursday. Foundation work for the first tower was just completed, Shear said. Both towers will be 65 stories tall.
Last year, PMG and E11even Partners secured nearly $150 million in construction financing from Starwood Property Trust for the first tower. Securing construction loans has become much more challenging for developers since interest rates began to tick up last year, and even more so with the bank collapses of 2023. Shear said the developers cast a wide net for lenders, and said that “we could not have asked for a better closing experience” with Madison.
Next, construction will go vertical on the first tower, and that building could be completed by the end of 2025, Shear said. The second building could be completed by the end of 2026.
To expand the land assemblage, the E11even Residences Beyond partnership recently closed on its $11 million purchase of the former Heart nightclub building. Companies managed by Roberts sold the properties at 90 and 60 Northeast 11th Street for about $35 million to the partnership. Attorneys Michael Gallinar and Jason Camps with Adams Gallinar represented the seller in the latter deal. Records show an entity led by Shear acquired development rights for the land.
The only site on that block on Eleventh Street that the developers don’t own is the Club Space building at 34 Northeast 11th Street.
The E11even project, designed by Sieger Suarez Architects with interiors by AvroKO, is across the street from the 24-hour nightclub E11even Miami. The towers are expected to include a “casino-style” sports lounge, spas and fitness centers, an E11even day club and pool with cabanas, a rooftop venue, restaurants by Riviera Dining Group and more, according to marketing materials. The project will also include a $25 million private social and cigar club called The Clayton.
Owners will be able to rent their units out on a daily basis in the first building, and for a minimum of 30 days in the Beyond tower.
Buyers in the first building include WNBA player Candace Parker, ESPN co-host Sage Steele and MMA fighter Luke Rockhold. The developers were accepting cryptocurrency deposits converted to dollars by the now-defunct FTX crypto exchange, but that ended when FTX collapsed. Shear of PMG told Axios in April that PMG is hesitant to partner with another crypto exchange, though buyers continue to ask for that option.
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PMG, Michael and Ron Simkins’ Lion Development Group, and the Marc Roberts Companies also plan to develop West Eleventh Residences, a short-term rental friendly condo tower nearby at 18 Northwest 11th Street. It’s about 70 percent presold, Shear said.
A Michael Simkins-led entity recently sold the alley at 1020 North Miami Avenue to the developers’ partnership for about $9 million, property records show. The partners paid about $45 million for the assemblage between July 2022 and May of this year.