PMG and Greybrook Lock Down $142.3 Million Construction Loan for Society Wynwood

National investment, development, and asset management firm PMG, alongside partner Greybrook Realty Partners, has secured a $142.3 million construction loan for the 10-story Society Wynwood mixed-use project located at 2431 NW 2nd Ave. in Miami’s Wynwood Arts District. The loan will provide financing for the development of the project, which commenced construction earlier this year.

Financing was provided by Pacific Western Bank and Square Mile Capital. In its second recent multifamily project with both lenders and sixth overall transaction with the duo, PMG was represented internally by Andrew Warman, Lowell Plotkin and Jonathan Blank.

“We are thrilled to expand our relationship with these top lenders beside our partners at Greybrook to create a premier living and entertainment destination on the most prominent block in Wynwood,” said Ryan Shear, Managing Partner at PMG. “Miami and the Wynwood market are close to our hearts as a team of passionate locals. With the incredible success we’ve experienced at Society Las Olas in Fort Lauderdale, and Society Biscayne slated to open in early 2022 in Downtown Miami, Society Wynwood will be the third social apartment community in South Florida under our rapidly expanding Society Living national brand. Society Wynwood will provide a community-driven living experience and attainably-priced housing that reflects the vibrant energy and positivity of the surrounding neighborhood.”

Slated for completion in Spring 2023, Society Wynwood will include 318 rental apartments and 50,210 SF of commercial space between the ground floor and rooftop. Scott Sherman’s Tricera Capital has a deal to acquire the commercial spaces upon completion of the project.

The development will offer a blend of traditional units with efficient layouts and “Rent-by-Bedroom” (co-living) options. Amenities will include a massive pool deck, co-working lab, modern gym and fitness studio, entertainment lounges, yoga lawn, craft food and beverage operations, smart package lockers, app-based keys, integrated retail space and more.

“Securing this construction loan for Society Wynwood further proves the strength of the Society Living portfolio and the appeal of social apartment communities,” Sami Mouaket, Director, U.S. Investments & Development at Greybrook Realty Partners. “Society Wynwood’s turnkey rental options, premium amenities and curated event programming deliver an attractive investment opportunity for investors and will provide outstanding quality of life for future residents.”

Launched in 2019, the national Society Living multifamily brand was created to address insatiable demand for reasonably priced rental communities close to urban centers, where modern neighbors can connect and thrive together. Urging residents to “Choose Happiness,” Society Living focuses on creating inspiring living spaces that foster personal growth within a culture of inclusivity and unity.

Existing Society Living developments include Society Las Olas in Downtown Fort Lauderdale, Florida, which opened in May 2020; Society Biscayne in Downtown Miami, slated to open in Q1 2022; Society Orlando, under construction in Downtown Orlando; and Society Denver, which was announced last month. Over 8,500 units are planned nationally including additional developments in Atlanta, Brooklyn and Nashville.

PMG Locks Down $161.5 Million Construction Loan For 400 Biscayne

PMG and Greybrook Realty Partners have locked down a $161.5 million construction loan for the development of 400 Biscayne. The financing was provided by Centennial Bank and Square Mile Capital, the same group that provided the loan for PMG’s neighboring and completed project X Miami. Andrew Warman, Jonathan Blank and Lowell Plotkin led the PMG to securing the financing with Luis Flores of Saul Ewing Arnstein & Lehr as the attorneys representing the partnership between PMG and Greybrook Realty Partners.

“We are working hand-in-hand with First United Methodist Church and Greybrook Realty Partners to create something special for the neighborhood, which will continue to foster growth and connection in this city we love,” said Ryan Shear, a Managing Partner at PMG.

400 Biscayne broke ground in June 2019 and when complete will rise 49-stories with over 1 million SF of total development. The tower will feature 646 rental apartments, 51,000 SF of commercial space and 22,000 SF of space which is dedicated to the First United Methodist Church of Miami. 400 Biscayne will feature a lounge and restaurant in the lobby, co-working spaces, gym, pool deck and outdoor lounge, amongst other amenities. The First United Methodist Church of Miami will feature a chapel, fellowship hall, chassrooms, offices, 3-story sanctuary with views of Biscayne Bay and a basketball court. 400 Biscayne is expected to be completed at one point in 2021.