Updated Dec 23, 2025
PMG Development And Landmark Development Secures $92.5M Construction Loan For Miami Development Site
113 Northwest 11th Terrace
$92,500,000
Building Size
—
Asset Type
Development Site
Closing
Dec 11, 2025
About this deal
AI
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.
On the Map
$92,500,000
Development Site
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Players
Miami Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.17%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93