PMG Locks Down $413 Million Construction Loan For One Twenty Brickell Residences

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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E11EVEN Partners and PMG Break Ground On E11EVEN Residences Beyond In Downtown Miami's District 11

Developers PMG and E11EVEN Partners have broken ground on E11EVEN Residences Beyond, part of the E11EVEN Hotel & Residences Miami development, an ultra-luxury, dual-tower development located in Miami’s District 11. Located at 90 NE 11th St. in the newly expanded entertainment destination, the E11EVEN Hotel & Residences Miami project has taken Miami by storm, continuing to break sales records and offer a unique experience to buyers unlike anything the community has ever seen before. E11EVEN Partners Marc Roberts, Michael Simkins, and Dennis DeGori and PMG partners Ryan Shear, Kevin Maloney and Dan Kaplan are the developers of the E11EVEN Hotel & Residences development.

“E11EVEN Residences Beyond’s groundbreaking marks a crucial next step in constructing the future of District 11,” said Michael Simkins of E11EVEN Partners and co-developer of E11EVEN Hotel & Residences. “This incredible property offers residents an optimized lifestyle unlike any other in Miami, featuring top-notch dining, elite services, and lushly appointed residences all within one highly energized location. Once built, it will set the standard for ultra-luxury living and entertainment districts across the country.”

This groundbreaking comes on the heels of recent announcements at E11EVEN Residences Beyond including the addition of The Clayton, an ultra-premium $25 million private social and cigar club, and the recent expansion of the tower to offer additional units for sale and more amenity space, which was made possible by an incredibly high demand for these residences and record-breaking sales success across the dual-tower development as a whole.

E11EVEN Hotel & Residences’ first tower also recently announced Riviera Dining Group will join its extraordinary lineup of offerings with a second-floor restaurant with a ground-floor escalator entrance for direct access, as well as an upscale lounge and private membership club located on the tower’s rooftop.

“The groundbreaking of E11EVEN Residences Beyond is a monumental milestone for PMG and E11EVEN Partners,” said Ryan Shear, Managing Partner of PMG. “From its inception, E11EVEN Residences Beyond has carried a tremendous amount of buyer excitement and energy with it. From the private helipad to the stellar hospitality concepts like The Clayton, the caliber of offerings is unlike any tower in South Florida.”

“E11EVEN Residences Beyond places buyers in the epicenter of District 11, exposing them to the amazing business opportunities, high quality of life, and unparalleled 24/7 entertainment expected of Miami living,” said Marc Roberts of E11EVEN Partners and co-developer of E11EVEN Hotel & Residences. “We cannot wait to further cement this project’s status as a premier ultra-luxury residential development in Miami’s most coveted neighborhood.”

Centrally located in Downtown Miami’s District 11, E11EVEN Residences Beyond and E11EVEN Hotel & Residences Miami offers a resort-style, entertainment-driven experience and destination – the first of its kind in the Southeastern United States. Floor plans at both of its towers range from studios to two bedrooms in addition to a presidential collection and penthouse suites. Each unit comes equipped with fully-integrated “smart building” features, Subzero and Wolf appliances, custom ITALKRAFT Italian cabinetry, top-level finishes, and designer-curated furnishings. The soaring 65-story towers will be designed by internationally renowned Sieger Suarez Architects with interiors by award-winning design firm AvroKO.

Amenities for E11EVEN Residences Beyond and E11EVEN Hotel & Residences include a world-class Chopra Spa & Studio, a five-star restaurant collection by Riviera Dining Group, a casino-style sports lounge, a world-class med spa, a rooftop pool and bar, and an E11EVEN day club and pool on the 11th floor. In addition to the first tower's amenities, buyers at E11EVEN Residences Beyond will have ultra-exclusive access to the E11EVEN Beyond Members Social Club and private facilities only available to residents of the second tower including a helipad, a signature restaurant, fully staffed executive office suites, and a state-of-the-art fitness center, as well as the expanded resort-style pool.

“In all my years in the industry, I have never seen a residential building secure buyer attention and surmount previous standards of luxury living and day-round entertainment like this one has,” said Dennis DeGori of E11EVEN Partners. “The E11EVEN brand is committed to creating unique and captivating experiences, and it is safe to say that the two towers of E11EVEN Hotel & Residences Miami live up to this namesake with amenities like a day club, night club, and signature restaurants all at one’s doorstep. PMG and E11EVEN Partners have truly outdone themselves here with this one-of-a-kind, world-class building.”

Renderings via ARX Solutions

Inside PROFILEconnect: The Evolution of Downtown Miami Into a Global Cultural And Business Hub

On Tuesday, November 15th, PROFILEmiami teamed up with PARAMOUNT Miami Worldcenter, Royal Palm Companies, PMG and E11EVEN Partners to host PROFILEconnect: The Evolution of Downtown Miami into a Global Cultural and Business Hub. PROFILEconnect is PROFILEmiami’s high-end bespoke networking event series, bringing together Miami’s real estate and business leaders for an evening soirée of networking and cocktails, while hearing from the top developers transforming Downtown Miami into a global cultural and business hub. Guests enjoyed cocktails by E11EVEN Vodka as well as juice and bites by Pura Vida while they heard from a panel including Michael Simkins of E11EVEN Partners, RPC CEO Dan Kodsi, PMG Managing Partner Dan Kaplan and moderated by legendary architect Kobi Karp. The evening was hosted by PROFILEmiami Co-Founders Demetri Demascus and Katya Demina, CEO of RPC Dan Kodsi and Michael Simkins of E11EVEN Partners.

The evening was attended by an exclusive group of top real estate industry leaders and executives including Michael Simkins, Dan Kodsi, Kobi Karp, Nancy Karp, Dan Kaplan, Patrick Lee, Scott Sherman, David Eyzenberg and Eva Garzon, amongst others. Guests had the opportunity to network and share their experiences developing and building in South Florida through thoughtful discourse, while forging new relationships with senior executives.

The event was sponsored by Eyzenberg & Co., Shorecrest Construction, KOPU Water, Artefacto, ALTARA Properties, University of Miami Herbert Business School, Torose Equities, Master Brokers Forum, Galium Capital, Lionheart Strategic Management, Finvarb Group and The Allen Morris Company.

PROFILEconnect brings together Miami’s real estate industry and business professionals to network and connect outside of a business setting and is attended by Miami’s top investors, developers, business professionals, brokers, financiers, architects and designers. Guests had the opportunity to network and share their experiences in South Florida through thoughtful discourse, while forging new relationships with industry leaders. The third edition of PROFILEconnect is being organized for Q1 2022.