PMG Development And Landmark Development Secures $92.5M Construction Loan For Miami Development Site
FINANCED
$92,500,000
Florida
See Similar DealsDevelopment Site
Financed 12/12/2025
FINANCED
PMG Development And Landmark Development Secures $92.5M Construction Loan For Miami Development Site
113 Northwest 11th Terrace
See Similar DealsDevelopment Site
Financed 12/12/2025
Summary
FLORIDA
Asset Type:Development Site
Transaction Type:Loan
The asset involved in this transaction is a development site located at 113 Northwest 11th Terrace in the Miami market. The loan amount secured for this property is $92,500,000, classified as a construction loan.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $92,500,000
- Lender: Adam Glick, Jason Bordenick & Billy Haber - Maxim Capital Group
- Developer: Kevin Maloney, Ryan Shear, Daniel Kaplan & Andrew Warman - PMG Development; Alex Karakhanian - Landmark Development; Michael Simkins - Lion Development Group
This transaction involves key figures in the real estate development sector, with a collaboration between multiple developers representing various groups. Together, they aim to enhance the property through significant development efforts backed by financial support from Maxim Capital Group.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$92,500,000.00
Monthly NOI$616,666.67
Monthly Debt Service$584,662.92
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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