PMG and Greybrook Secure $178 Million In Construction Refinancing for Society Wynwood

National development firm PMG, alongside Canadian-based private equity firm Greybrook, has secured $178 million in refinancing for the 10-story Society Wynwood mixed-use project located at 176 NW 25th St in Miami’s Wynwood Arts District. Financing was arranged by Eastdil Secured and provided by funds managed by Ares Management and Monarch Alternative Capital. PMG was represented by Randy Barcelo from Stearns Weaver Miller. Society Wynwood has experienced rapid leasing velocity since welcoming first residents in March.

“It’s been exciting to witness the building’s positive reception since opening, and we’re pleased to project that the property will be stabilized by spring 2025,” said Andrew Warman, Managing Director, Capital Markets at PMG. “We’re thankful for the support of our partners and lenders in securing this refinancing, which will enable us to repay the existing construction loan and continue a successful lease up.”

Society Wynwood features 318 rental apartments and 50,210 square feet of retail space across the ground floor’s full city block. The property offers a mix of traditional units with efficient layouts and innovative “Rent-by-Bedroom” (co-living) options. Its extensive amenity package encompasses over 82,000 square feet of community-focused spaces, including a massive rooftop pool deck with an outdoor gym, theater lawn, hot tub and grilling areas, a coworking hub with abundant private conference rooms, a modern gym for any workout, a yoga terrace lawn, smart package lockers, and app-based keys.

"The completed building fosters a strong sense of community with its expansive indoor and outdoor amenities and lifestyle programming for residents," said Sami Mouaket, Director of U.S. Investments & Developments at Greybrook. "Society Wynwood stands out not only for its attainably priced offering, but also its elevated lifestyle with condo standard finishes across both co-living and traditional suites. We have seen tenants relocating from within the neighborhood, from across the state, country and even internationally, reflecting the social diversity and continued appeal of Wynwood and Miami more broadly."

The internal ground floor courtyard hosts several dining options for both locals and visitors, including Dave’s Hot Chicken, Bodega Taqueria, Chama de Fogo’s Brazilian steakhouse, Las Vegas-based Nacho Daddy serving gourmet nachos, a Starbucks, Voodoo Donuts and I Scream Gelato. Society Wynwood is a vibrant addition to the neighborhood, blending modern living with a rich array of amenities and retail options.

Society Wynwood is the latest among PMG’s growing national portfolio of Society Living apartment communities. PMG created the multifamily brand to address the insatiable demand for reasonably priced rental housing in the most desirable locations, where neighbors can connect and thrive together. Urging residents to “Choose Happiness,” Society Living focuses on creating inspiring living spaces that encourage personal growth. PMG recently opened Society Orlando in Downtown Orlando and has over 8,500 units planned; additional Society Living properties are underway in Atlanta, Brooklyn, Denver, Fort Lauderdale and Nashville, with more to be announced.

Over the last 33 years, PMG has delivered more than $12B in assets across the country with exacting design and execution.

PMG and Greybrook Welcome First Residents To Society Wynwood

Society Wynwood, developed by national development firm PMG and Canadian-based private equity firm Greybrook, is now moving in its first residents. Located at 176 NW 25th St, the 9-story apartment community brings 318 residential units and 50,210 square feet of commercial space to the neighborhood’s epicenter, with announced retail tenants including Bodega Taqueria, Dave’s Hot Chicken, Starbucks, Chama De Fogo and Nacho Daddy. A partnership between Lion Development Group led by Michael Simkins, LNDMRK Development led by Alex Karakhanian and Tricera Capital led by Ben Mandell closed on 32,000 square feet of ground-floor retail space at Society Wynwood for $22.5 million in late April 2024.

“Society Wynwood introduces an unparalleled caliber of amenities in a multifamily building. Our intent is to deliver vibrant, purposeful spaces that make daily activities like working and exercising at home more enjoyable and exciting. Our massive coworking lab, fitness facilities, and rooftop pool and entertainment deck far surpass anything in the market. From frequent resident fitness classes and community events to bringing top food and beverage operators to the ground floor retail courtyard, we look forward to witnessing Society Wynwood become a community hub that channels the creative energy of Miami’s Wynwood Arts District,” said Ryan Shear, Managing Partner at PMG.

Society Wynwood’s entryway on 2nd Ave will be adorned by a custom experiential sculpture by world-famous artist Daniel Popper.

Layouts at Society Wynwood range from studios to three bedrooms, including several furnished “Rent-By-Bedroom” (co-living) options that represent the lowest entrypoint rents for a new luxury building in the neighborhood. Each residence features a private balcony; smart door locks and thermostats with pre-installed Wi-Fi; wood grain tile throughout; kitchens with stainless steel appliances and quartz countertops with custom Italian cabinetry; fully built-out closets with room for everything; backlit bathroom vanity mirror with large storage drawers, and specially insulated windows to block outside noise.

Society Wynwood’s collection of over 82,000 square feet of awe-inspiring amenities include a sprawling entertainment rooftop and pool deck designed to connect neighbors and foster community. The rooftop includes a first-class, full-service restaurant with dedicated elevator, a resort-style pool with lounge areas and huge hot tub, an expansive outdoor fitness field and yoga lawn, multiple grills and dining areas, and an 18 ft LED screen for watching sports and events. Indoors, residents can enjoy a large, modern gym with frequent fitness classes, a coworking lab with over 15 private conference rooms, social lounges, and a lobby with 24/7 concierge ideally designed to meet and mingle. A mobile app enables residents to manage mobile keys and guests, make payments and maintenance requests, track packages, discover and sign up for events, and more.

The property’s courtyard entrance will welcome several eateries to the neighborhood, including nationally expanding Dave’s Hot Chicken and Bodega Taqueria’s newest Miami outpost. Additional tenants include Starbucks, casual Brazilian steakhouse Chama de Fogo, and Las Vegas-based Nacho Daddy’s first Florida location.

“This Society project with PMG which sits at the center of Wynwood has been programmed to connect our residents to their surrounding community. It also brings the community into our building by providing diverse retail experiences across street level and the rooftop coupled with art activations in public areas,” said Sami Mouaket, Director of U.S. Investments & Development at Greybrook.

Society Wynwood is the latest among PMG’s growing national portfolio of Society Living apartment communities. PMG created the Society Living multifamily brand to address the insatiable demand for reasonably priced rental housing in the most desirable locations, where neighbors can connect and thrive together. Urging residents to “Choose Happiness,” Society Living focuses on creating inspiring living spaces that encourage personal growth. PMG recently opened Society Orlando in Downtown Orlando and has over 8,500 units planned; additional Society Living properties are underway in Atlanta, Brooklyn, Denver, Fort Lauderdale and Nashville, with more to be announced.

Lion Development Group, LNDMRK Development and Tricera Capital Close On Society Wynwood Retail For $22.5 Million

A partnership between Lion Development Group led by Michael Simkins, LNDMRK Development led by Alex Karakhanian and Tricera Capital led by Ben Mandell have closed on 32,000 square feet of ground-floor retail space at Society Wynwood for $22.5 million. Tricera and LNDMRK signed four leases pre-closing to fill about 50% of the leasable area to Starbucks, Nacho Daddy,Chama De Fogo Brazilian Steakhouse, and I Scream Gelato. Property Markest Group (PMG) and Greybrook, who developed the mixed use project, sold the retail portion for $22.5 million to the buyer group, and the deal closed on April 26. Jason Krane with Ackman Ziff helped source Seacoast Bank, the senior lender that financed the deal.

“Wynwood's growth over the last decade has been tremendous, and our team is excited to continue to play a role in elevating the community,” said Tricera Capital CEO Ben Mandell. “We have had success leasing at Society thus far and intend to continue our momentum with new leases soon to be announced.”

The property at 2431 NW Second Ave. is conveniently located in the center of the Wynwood Art District, within walking distance of many new restaurants and boutique businesses. Along with the ground-floor retail, Society Wynwood has almost 300 modern residential units and a private parking garage, making it a premier destination.

“We are excited to partner with Tricera and Lion on this transformative acquisition. The retail is situated in the core of the district, directly across from the Wynwood Walls, and continues to attracted premium tenants that want to be part of this vibrant community,” said Alex Karakhanian, Owner of LNDMRK Development. “Wynwood continues to grow and mature, becoming a neighborhood where living, leisure, and work can intertwine.”

Starbucks will occupy ~2,600 square feet of retail space at Society Wynwood. Las Vegas-born Nacho Daddy will occupy ~5,400 square feet,Brazilian Steakhouse Chama De Fogo will occupy ~5,520 square feet, and I Scream Gelato will occupy ~1,300SF.

PROFILE Exclusive Podcast Season 1 Episode 7 Featuring Ryan Shear of PMG

Season 1 Episode 7 of the PROFILE Exclusive Podcast by PROFILEmiami features Ryan Shear, Managing Partner of PMG. PMG is a national real estate development firm with offices in Miami and Manhattan, specializing in new construction commercial and residential projects. For nearly 30 years, PMG has led the acquisition, financing, development, construction, and marketing for 85 residential buildings and over 150 real estate projects including 111 West 57, Muse Sunny Isles, Echo Brickell, and X Miami, amongst others. PMG is currently developing The Waldorf Astoria Hotel & Residences Miami, E11EVEN Residences and Society Biscayne.

A Miami-native, Ryan is responsible for all company operations. Ryan was personally trained by PMG founder Kevin Maloney after arriving at PMG shortly after college. He currently manages a growing portfolio of over $10 billion worth of real estate assets. Ryan oversees PMG’s developments across the United States, which primarily includes ground up Condo and Multifamily projects in core cities such Miami, New York, Denver, Phoenix, Orlando and more.

The PROFILE Exclusive Podcast by PROFILEmiami, the leader in South Florida residential and commercial real estate news and content, profiles and gets intimate with the movers and shakers in the South Florida real estate industry. Throughout the series we will interview and get inside the minds of South Florida's top developers, investors, brokers, architects, designers, etc. The PROFILE Exclusive Podcast is hosted by Demetri Demascus Co-Founder of PROFILEmiami and Director of Business Development at private equity group Galium Capital as well as Katya Demina, Co-Founder of PROFILEmiami and Development Associate at development firm Royal Palm Companies.

This Podcast is Presented By:

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 Reveals MKDA-Designed Society Wynwood After Acquiring Final Piece of Assemblage For $11.5 Million

Property Markets Group (PMG) and Greybrook Realty Partners have submitted their plans for Society Wynwood for approval by the Wynwood Design Review Committee after acquiring the final piece needed for their 1.93 acre assemblage. The JV between PMG and Greybrook acquired 2407 NW 2nd Ave. for $11.5 million from a JV between RedSky Capital and JZ Capital Partners. The PMG and Greybrook JV acquired 1.6-acres at 2421-2455 NW 2nd Ave. in August 2019 for $46 million from the Doris D. Friedopfer Trust. Society Wynwood is part of PMG’s social community initiatives and when complete will span 522,008 square feet.

Society Wynwood will include 326 residential units, 41,258 square feet of retail space, 211 parking spaces and a 3,980 square feet underground lounge. The unit breakdown includes 96 studios spanning 410 square feet, 30 one-bedroom units spanning 654 square feet, 72 two-bedroom units spanning 780 square feet, 114 three-bedroom units spanning 1,190 square feet, and 6 four-bedroom units spanning 1,370 square feet. The building is designed by MKDA and features an interior courtyard, rooftop bar and restaurant, rooftop pool and spa deck with an outdoor theater, yoga area and BBQ area. The project will also feature murals on the side painted by Alexandre Farto, paying homage to Wynwood’s street art culture. Additionally, PMG will contribute to the Wynwood Public Benefit Trust Fund in exchange for a parking reduction of 192 parking spaces. The transit oriented project already benefited from a 30% parking reduction due to proximity to public transportation.

Scott Sherman’s Tricera Capital has a deal to acquire the commercial spaces upon completion of the project. PMG plans to break ground on Society Wynwood project in early 2021.

PEOPLE TO WATCH: Meet Our Panelist Ryan Shear, Managing Partner of PMG

Join us on March 5th at X Miami for People to Watch: Leaders in South Florida Real Estate, where Ryan Shear will be discussing how PMG stays innovative with creative housing solutions, how declining ownership is affecting the multifamily market and how he plans to build projects that will withstand the tests of time.

The developer currently has more than 5,000 units in the pipeline, including their largest multi-family project to date with over 900 beds. In December, PMG announced their latest concept, Society, the natural evolution of X Social Communities, as a response to the insatiable demand for attainably-priced, downtown rental communities. The new brand will debut with downtown mega-projects Society Las Olas (formerly X Las Olas) in Fort Lauderdale, Society Biscayne (formerly 400 Biscayne Boulevard) and Society Wynwood in Miami. 

Society is aimed at a broader demographic, unlike X, which is geared towards millennial. Only about 30% of Society buildings will be dedicated to co-living options, as opposed to 35% - 40% in X buildings.

Co-living has been an enticing model for residents, investors and developers alike, as urban cores continue to become saturated and the demand for housing skyrockets. Following the success of X Miami, the fastest building in Downtown Miami to lease up, PMG took lessons they learned from X Social Communities and augmented them. Society will focus more on community inclusivity and expanding their finish and furnish options, while also adding to the immersive and experiential aspects of the building.

As a managing partner of PMG, Shear is responsible for general company operations, vision and growth. For nearly 15 years, Shear has played an instrumental role in the company’s success in Miami and beyond. He currently manages a growing portfolio of over $4 billion in real estate assets across the country. Completed condo projects spearheaded by Shear include Echo Aventura, Echo Brickell and Muse Residences in Sunny Isles. In 2018, Shear announced PMG will be bringing The Waldorf Astoria Residences to Miami in 2020.

The group recently opened X Miami, a 464-unit multifamily social community pioneering the “Rent By Bedroom” model for Class A luxury apartments in the urban core, which became the fastest building to lease in Downtown Miami. PMG will continue to expand this multifamily model nationally under Shear's direction. A native of Miami’s Coconut Grove and alumnus of Emory University's Goizueta School of Business, Shear lives in Brickell with his dog Larry and enjoys pico de gallo with every meal.

Hear from Ryan on March 5th at People to Watch: Leaders in South Florida Real Estate. Get your tickets below.

Event Page: http://profilemiamire.com/profilemiami-presents-people-to-watch-leaders-in-south-florida-real-estate-x-miami

By Katya Demina