National developer PMG has secured $413 million in construction financing for One Twenty Brickell Residences, a dual-tower luxury mixed-use condominium and rental development rising in the heart of Brickell. The loan covers financing for the condominium, multifamily, commercial, and parking components of the property. An Ares Real Estate fund (“Ares”) and Monarch Alternative Capital provided the financing, which follows a previous collaboration between the two firms on a financing for a PMG property in Wynwood last year.
PMG was represented in the One Twenty Brickell Residences transaction by Jones Lang LaSalle (NYSE: JLL) who, alongside PMG’s Capital Markets team comprised of Andrew Warman, Jon Blank and Paton Marion, secured the financing. One Twenty Brickell Residences will officially break ground the first week of May and is slated for completion in 2028.
“Obtaining this financing stands as an incredible feat at a time when current market conditions are making development of multifamily towers challenging,” said Andrew Warman, Managing Director of Capital Markets at PMG. “Receiving the continued support of the Ares and Monarch teams underscores not only the confidence the capital markets have in PMG as a sponsor, but also our ability to identify a strategy to deliver both luxury for-sale and rental product to the heart of Miami’s thriving business district.”
Designed by internationally renowned architecture firm Sieger Suarez Architects, with interiors by Cotofana Designs, plans for One Twenty Brickell Residences consist of two towers. The first tower will rise 37 stories and offer 266 fully finished and furnished condominium residences, each delivered with first-of-their-kind deeded office suites to residents upon their purchase of a condo unit. The second tower, sharing a podium with the first, will rise 41 stories and offer 537 multifamily residential units operated by the Sentral Management Platform. Each studio- to three-bedroom will include fully-integrated kitchens with custom countertops, a curated high-end appliance package, imported and custom kitchen and bathroom cabinetry by Italkraft, WaterWorks bathroom fixtures, a contemporary lighting package and fully built-out closets in the primary bedrooms. Residences also will offer a high level of efficiency through PMG’s smart home technology experience for seamless personalization with the touch of a button.
“We are grateful to receive the significant support from the Ares and Monarch Alternative Capital teams as we advance on One Twenty Brickell Residences,” Dan Kaplan, Managing Partner at PMG. “At over 91 percent sold, its swift sales success is a testament to the tremendous team at PMG Residential’s hard work and keen understanding of the Brickell market. We’re looking forward to being one step closer to delivering One Twenty Brickell Residences and its revolutionary concept of luxury living to its future residents.”
One Twenty Brickell Residences’ towers offer an impressive collection of amenities thoughtfully designed for socializing, entertaining, and self-care. The over 48,000 square feet of amenities and services available to multifamily residents include a lobby with a concierge service, a modern gym and fitness studio, a pool and hot tub, a grilling terrace, social lounges, a co-working hub, and daily community events. Over 60,000 square feet of condominium-specific amenities are also available, including an owner’s lounge, an infinity-edge pool, a pickleball court with courtside seating, a kid’s club and gym, a cafe and juice bar, and the One Twenty Brickell Residences Wellness & Fitness center, equipped with steam, sauna, and treatment rooms, a relaxation area with outdoor terraces, a state-of-the-art fitness studio with the latest high-tech equipment, a movement studio, and a yoga lawn.
“Ares is pleased to further build on our relationship with PMG with this latest project that capitalizes on the strong demand for luxury housing in Miami,” said Bryan Donohoe, Partner and Head of U.S. Debt in Ares Real Estate. “We look forward to potential future opportunities to provide Ares’ scaled and flexible capital solutions in this dynamic market environment.”
“We are pleased to be a lender-of-choice and work with a best-in-class developer like PMG that has an exceptional presence in the Miami market,” said Joshua Acheatel, Head of Real Estate Acquisitions at Monarch Alternative Capital. “Boasting luxury finishes and extensive amenities, we believe One Twenty Brickell Residences is favorably positioned at a marquee location. We are excited to continue our relationship with PMG and are looking forward to the project’s success.”
Legal representation was spearheaded by PMG’s in-house team consisting of Lowell Plotkin, Scott Buscemi and Lindsay Davis. Outside counsel involved in the financing for One Twenty Brickell Residences include James Godman, Borna Khoshand, and Celeste Williams at Kramer Levin Naftalis & Frankel LLP, who served as the lead transactional counsel; David Shear, Luis Flores, and Teofilo Victoria at Saul Ewing LLP, who served as condominium counsel and local counsel; Javier Avino and Andres Rivero at Bilzin Sumberg Baena Price & Axelrod LLP, who served as land use counsel; and Evan Wagowski at Greenberg, Trager & Herbst, LLP, who served as construction counsel.
With more than three decades of experience in luxury residential developments nationwide, PMG continues to passionately transform skylines with impeccable attention to detail throughout each of its projects. In addition to its extensive portfolio of over 175 projects, the developer is famed for thoughtfully designed condominium developments including 111 West 57th Street in New York City; E11EVEN® Club Hotel & Residences & E11EVEN® Club Residences Beyond, 38 West Eleventh Residences Miami, Waldorf Astoria Hotel & Residences, One West Twelve Residences, and The Elser Hotel & Residences in Miami; Sage Intracoastal Residences in Fort Lauderdale; as well as One Park Sarasota and One Park West on Florida’s west coast. PMG also has expanded its multifamily division, Society Living, to span nationwide, with more than seven communities open or under construction.
Renderings via ARX Creative
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