PMG And LNDMRK Development Secure $126 Million Loan For Miami Development Site

The property asset involved is a development site located at 2600 Northwest 2nd Avenue in Miami. It is set for an eight-story, 233-unit condo project, with a loan amount of $126,000,000 obtained for construction financing. The completion date is projected for the second quarter of 2028.

Summary of transation details:

• Property Type: Development Site
• Transaction Amount: $126,000,000
• Lender: Josh Zegen - Madison Realty Capital; Siguler Guff
• Landlord: Kevin Maloney, Ryan Shear & Dan Kaplan - Property Markets Group; Alex Karakhanian - LNDMRK Development
• Brokers: Andrew Warman, Jonathan Blank & Paton Marion - PMG

The deal was facilitated by PMG’s capital markets team, which includes Andrew Warman, Jonathan Blank, and Paton Marion. The development is designed by CUBE 3 and aims to introduce year-round Airbnb-enabled residential and office use with full hospitality-style management.