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

Property Image
FINANCED
$126,000,000
Andrew Warman
JB
Alex Karakhanian
+ 5

Florida

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Development Site
Financed 05/01/2026
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Property Image
FINANCED

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

2600 Northwest 2nd Avenue

See Similar Deals
Development Site
Financed 05/01/2026
Andrew Warman
JB
Alex Karakhanian
+ 5
the dealplayerscompscontact
Contact now

Summary

FLORIDA
Asset Type:Development Site
Transaction Type:Loan

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:

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.

Players

Andrew Warman
Andrew Warman
7 deals$1.2B volume
BROKER
JB
Jonathan Blank
4 deals$537.3M volume
BROKER
Josh Zegen
Madison Realty Capital
Josh Zegen
46 deals$5.9B volume
LENDER
SC
Siguler Guff & Company
LENDER
Alex Karakhanian
Alex Karakhanian
20 deals$337.2M volume
LANDLORD
Daniel M Kaplan
Property Markets Group
Daniel M Kaplan
8 deals$299.4M volume
LANDLORD
Ryan Shear
Property Markets Group
Ryan Shear
15 deals$1B volume
LANDLORD
KM
Property Markets Group
Kevin Maloney
16 deals$1.2B volume
LANDLORD

Details

FINANCED
IMAGE: Kevin Maloney, Jonathan Blank, Josh Zegen, Andrew Warman, Ryan Shear, Alex Karakhanian & Dan Kaplan DATE: 05/01/2026 ADDRESS: 2600 Northwest 2nd Avenue MARKET: Miami ASSET TYPE: Development Site LENDER: Josh Zegen (@JZegen) - Madison Realty Capital (@MadisonRealtyCapital); Siguler Guff LANDLORD: Kevin Maloney, Ryan Shear & Dan Kaplan - Property Markets Group (@PMGDevelopment); Alex Karakhanian - LNDMRK Development (@LandmarkDevelopmentGroup) BROKERS: Andrew Warman, Jonathan Blank & Paton Marion - PMG LOAN AMOUNT: $126,000,000 LOAN TYPE: Construction NOTE: PMG and LNDMRK Development secured $126M in construction financing from Madison Realty Capital and Siguler Guff for an eight-story, 233-unit condo project at 2600 NW 2nd Avenue in Wynwood, Miami, slated for completion in Q2 2028. The deal was led by PMG’s capital markets team — Andrew Warman, Jonathan Blank, and Paton Marion — as the CUBE 3-designed development introduces year-round Airbnb-enabled residential and office use with full hospitality-style management.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$126,000,000.00

Monthly NOI$840,000.00
Monthly Debt Service$796,405.71
Change in Cash Flow$0.00
Refinance Proceeds$0.00