PMG Secures $92.5M Construction Loan for Miami Condos
PMG, Lion Development Group, and LNDMRK Development have secured $92.5 million in construction financing for One West Twelve Residences (ONE W12), a 372-unit residential building in Historic Overtown that will rise 23 stories. Maxim Capital Group provided funding. John Moriarty & Associates serves as the general contractor, with completion expected in 2028. The project is designed by CUBE 3.
PMG Residential is leading sales for the project, which is currently 97 percent sold. The offering will include fully furnished, finished units. Completion of ONE W12 is slated for 2028.
The transaction was led by PMG’s Capital Markets team composed of Andrew Warman, Jonathan Blank, and Paton Marion.
ONE W12 will be home to Vibe BBQ, a quick-serve restaurant.
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Slower Job Growth Shifts CRE Demand and Investment Strategies
The U.S. economy may need to add fewer than 50,000 jobs per month to keep unemployment stable, according to a recent Marcus & Millichap report. The number represents a shift from the 100,000 monthly jobs that were previously required. The reason? Marcus & Millichap said that demographic changes, rising worker productivity and reduced immigration are...
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Infinityy Brings AI-Powered Listings Platform to Senior Living Through Maplewood Partnership
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout