PMG and Greybrook Secure $178M Refi on South Florida Co-living Dev
By Julia Echikson August 19, 2024 4:24 pm
reprints
PMG and Greybrook secured $178 million to refinance a newly completed co-living property in Miami’s Wynwood neighborhood, the joint venture announced Monday.
The financing from funds managed by Ares Management (ARES) and Monarch Alternative Capital covers Society Wynwood, a 10-story building with 318 units, 82,000 square feet of amenities — including a gym, a rooftop pool and shared offices — and 17,000 square feet of commercial space.
Since the project’s completion, Miami-based developer PMG and Greybrook, a Canadian private equity firm, have offered up to two months of free rent and — at least this month — $1,000 for moving costs.
A representative for PMG declined to comment on the property’s occupancy rate.
Three years ago, the joint venture nabbed a $142 million construction loan from Pacific Western Bank and Square Mile Capital Management to build Society Wynwood. Two years before that, it purchased the 14,905-square-foot site at 2431 Northwest Second Avenue for $24.5 million, according to property records.
This year, PMG and Greybrook sold most of the retail component — 32,000 square feet on the ground floor — to Ben Mandell’s Tricera Capital, Alex Karakhanian’s Lndmrk Development and Michael Simkins’ Lion Development Group for $22.5 million.
Tenants include Starbucks, Nacho Daddy, Chama De Fogo Brazilian Steakhouse and I Scream Gelato. All have yet to open.
Eastdil Secured arranged the recent refinancing. Randy Barcelo from Stearns Weaver Miller represented PMG.
Julia Echikson can be reached at jechikson@commercialobserver.com.
