Madison Realty Capital Provides $262M Construction Loan for Miami Luxury Tower
Financing will help Property Markets Group and E11even Partners complete a 65-story, two-tower condo project
By Brian Pascus June 1, 2023 12:02 pm
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A two-tower luxury development in Miami got one more step closer to completion Wednesday, as a New York and Miami-based real estate development team closed a $262 million construction loan for the second condo tower.
Property Markets Group (PMG), a national investment, development and property management firm headquartered in both New York and Miami, and E11even Partners, a popular Miami-based entertainment company led by Marc Roberts, Michael Simkins, and Dennis DeGori, secured the financing to complete construction of E11even Residences Beyond, a 65-story, over 550-unit project in Miami’s Park West District.
Madison Realty Capital of New York provided the $262 million in construction financing, while JLL serviced the loan. Terms of the deal were first reported by The Real Deal.
Last year, PMG and E11even Partners secured $149 million in construction financing from Starwood to build the first tower, E11even Hotel and Residences Miami, a 449-unit mixed-use spire expected to be completed in late 2025.
PMG and E11even Partners have already pre sold the entire first tower after launching sales in 2021, and have sold roughly 80 percent of the units in the second tower. The entire mixed-use development is expected to open no later than 2026.
As construction advances, PMG and E11even Partners are busy securing retail and hospitality tenants for both buildings. Commercial Observer reported in April that Riviera Dining Group (RDG) will occupy a 16,000-square-foot restaurant on the second floor as well as a 5,200-square-foot private lounge on the rooftop of E11even Hotel and Residences Miami.
CO also reported in April that the company behind The Clayton, a private lounge in Chicago, bought retail space at E11even Residences Beyond.
The 24-hour nightclub E11even Miami, owned by Roberts, Simkins, and DeGori, sits across the street from the construction site. Upon completion, the two towers are expected to include a casino-style sports lounge, spas, fitness centers, a day club, a pool, and rooftop venues, according to The Real Deal.
A groundbreaking ceremony for E11even Residences Beyond is planned for Thursday.
Brian Pascus can be reached at bpascus@commercialobserver.com
