New York-based Property Markets Group closed on a $33.8 million condo inventory loan last week for unsold units at Echo Aventura, county records show.
Ryan Shear, Carlos Ott and Kevin Maloney
PMG, led by Kevin Maloney, took the low leverage loan out for 25 units, including upper and lower penthouse units. Three units are in the west tower and the remaining 22 are in the east tower, according to the mortgage. The development sold the other 156 units and expects to sell out next year, PMG principal Ryan Shear toldThe Real Deal.
Shear said PMG has paid off its lender and retired debt. “It’s typical in projects where [developers] have paid off their senior lender,” he said.
An affiliate of Benefit Street Partners, an investment arm of Providence Equity Partners, is the lender. Benefit Street Partners manages more than $11 billion in assets, according to its website.
Echo Aventura marks the first completed South Florida condo project for PMG this real estate cycle and the third completed condo project in Aventura since the cycle began in 2011. The two 12-story towers, at 3250 and 3300 Northeast 188th Street, include 190 units.PMG began recording closingsfor the development in mid-August, according to Miami-Dade County records.
Carlos Ott is the project architect and Yabu Pushelberg designed the interiors. The 5-acre development includes amenities such as access to a bayfront infinity edge pool, a 4,000-square-foot fitness center, two private porte cochere entrances and an event room, marketing materials show. Units are fully furnished, and feature summer kitchens and Apple home technology. Prices range from $700 per square foot to more than $1,000 per square foot, Shear said.
Earlier this month,PMG partnered with GreybrookSecurities and Greybrook Realty Partners on the luxury condo component of 300 Biscayne in downtown Miami.
- See more at: http://therealdeal.com/miami/blog/2015/12/30/pmg-borrows-34m-for-25-units-at-echo-aventura/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+trdnews_miami+%28The+Real+Deal+South+Florida+-+Latest+News%29&utm_content=FeedBurner#sthash.6LxY5zkl.dpuf
Author:Gustavo Blachman Phone: 786-229-8009 Dated: December 30th 2015 Views: 238 About Gustavo: PROFESSIONAL QUALIFICATIONS
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