PMG and Greybrook Realty Partners scored a $142.3 million construction loan for their planned mixed-use rental project in Wynwood.
Pacific Western Bank and Square Mile Capital provided the loan for Society Wynwood, which broke ground earlier this year at 2431 Northwest Second Avenue, according to a release.
The 10-story building will have 318 apartments and 50,210 square feet of commercial space once completed. Amenities will include a pool deck, yoga lawn, food and beverage operations, a gym, coworking spaces and a rotating art gallery. It will offer traditional apartments, as well as co-living units with rent-by-the bedroom options.
PMG’s Andrew Warman, Lowell Plotkin and Jonathan Blank represented the developer in arranging the loan.
The project will mark the third Society-branded development for PMG in South Florida, which has Society Las Olas and Society Biscayne, the latter of which is expected to open in early 2022. The company plans more than 8,500 Society units nationally, including projects in Atlanta, Brooklyn and Nashville.
The developers assembled the Wynwood land over the past two years for more than $57 million, including the $11.5 million acquisition of land in December that previously belonged to RedSky Capital and JZ Capital Partners.
Development has continued at a fast clip in Wynwood, with office projects beginning to proliferate most recently. In August, developer David Edelstein’s TriStar Capital and partner RAL Development paid $13 million to complete an assemblage in Wynwood. The two firms are planning a $200 million Class A office project on Northwest Fifth Avenue.
Source: The Real Deal