Miami’s E11EVEN Condo Nabs $149M Construction Loan From Starwood
The party never stops at the E11EVEN-branded condominium. The joint venture developing the tower in Miami’s Park West scored a $148.5 million construction loan, property records show.
E11EVEN is one of Miami’s hottest nightclubs, where hit makers Diplo, 50 Cent, Cardi B and Nas performed this past year.
The trio behind the club, Dennis DeGori, Marc Roberts and Michael Simkins, partnered with Property Market Group (PMG) to develop a condo and hotel tower at 20 Northeast 11th Street, across the street from E11EVEN. In tandem with the financing, E11EVEN Partners sold the 27,875-square-foot lot to PMG for $16 million.
The loan from Barry Sternlicht‘s Starwood Property Trust will go towards the construction of the first phase, which broke ground last November and is slated for completion in 2023, a spokesperson for PMG told Commercial Observer.
The first phase will consist of a 65-story building with 375 apartments, all of which are already sold and can be turned into hotel units at the owners’ discretion. Amenities will include a wellness center curated by Deepak Chopra, a food hall, a casino-style sports lounge and another E11EVEN club on the 11th floor.
Following the success of the first tower, the joint venture launched a second phase, E11EVEN Residences Beyond, which will break ground later this year. Controversial YouTube stars, brothers Logan and Jake Paul, are purchasing that condo’s two penthouses.
Julia Echikson can be reached at Jechikson@commercialobserver.com.