PMG, Lion Development Group, And Marc Roberts Companies Secure $215 Million Loan For Miami Development Site
38 Northwest 11th Street
$215,000,000
Building Size
—
Asset Type
Development Site
Closing
Apr 1, 2025
AI
The asset involved is a development site located at 38 Northwest 11th Street in the Miami market. The project, known as 38 West Eleventh Residences Miami, will encompass a total of 659 residential units across 44 stories. It is slated for completion in the first quarter of 2028 and will feature Airbnb-friendly units alongside luxury amenities and a tri-level entertainment venue.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $215,000,000
- Lender: Kathy Sutherland - GoldenTree Asset Management
- Landlord: Kevin Maloney, Ryan Shear & Dan Kaplan - PMG; Michael Simkins - Lion Development Group; Marc Roberts - Marc Roberts Companies
- Loan Type: Construction
The loan was secured by PMG, Lion Development Group, and Marc Roberts Companies from GoldenTree Asset Management, highlighting the collaborative effort among the developers involved in bringing this large-scale residential project to fruition in Miami's Park West neighborhood.
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
0.07%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93