PMG, Lion Development Group and Marc Roberts Companies landed a $215 million construction loan for their planned condo tower, 38 West Eleventh Residences Miami.
Steven Tananbaum’s New York City-based GoldenTree Asset Management is providing the loan, according to a press release. The 44-story, 659-unit short-term rental-friendly condo tower is one of a slew of projects the partners plan for Miami’s Park West neighborhood, near the E11even Miami nightclub.
Planned for the site at 38 Northwest 11th Street, 38 West Eleventh Residences Miami is 99 percent pre-sold, according to the release. Condo owners will be able to rent their units out daily without restrictions, via a centralized Airbnb management system, unlike some other similar short-term rental-friendly projects that place restrictions on rentals.
Sieger Suarez Architects designed 38 West Eleventh Residences. Condos will be studios and one-bedrooms, all fully furnished. Amenities will include spa facilities, a pool, a fitness center, a restaurant and coworking space, the release shows. Sales launched in 2023, with prices ranging from the mid-$300,000s to $1.2 million. Construction is expected to be completed in 2028, the release shows.
Ryan Shear’s PMG, Michael and Ron Simkins’ Lion Development, and Marc Roberts are partners on two other nearby condo projects in Park West: 449-unit E11even Club Hotel & Residences and 550-unit E11even Club Residences Beyond.
Michael Simkins and Roberts are partners in the E11even nightclub, as well as in E11even Partners. They scored a $262 million construction loan for E11even Residences Beyond in 2023.