Property Markets Group Secures $106M Loan With Pacific Western Bank In Miami

The $106 million loan was secured by Property Markets Group for X Miami, a recently completed rental tower in downtown Miami located at 240 Northeast Fourth Street. The financing provided by Pacific Western Bank will be used to pay off an existing $80 million loan for the 32-story, 462-unit building.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $106,000,000.00
• Address: 240 NE 4th St, Miami, FL, 33132
• Market: Miami
• Borrower's Rep: Louis P. Archambault, Luis Flores (Saul Ewing Arnstein & Lehr), Matt Ellish (HFF), Rebecca Abrams Sarelson (Saul Ewing Arnstein & Lehr)
• Borrower: Property Markets Group
• Lender: Pacific Western Bank

Attorneys Luis Flores, Rebecca Abrams Sarelson, and Louis P. Archambault from Saul Ewing Arnstein & Lehr represented the developer in the deal. PMG's Andrew Warman, Jonathan Blank, and Matt Ellish were also involved in securing the loan. The tower, X Miami, showcases numerous high-tech amenities like a gym, sky dog park, screening lounge, co-working lab, pool deck, and bars. It also houses The Guild Hotels on four floors, providing innovative hospitality services.