PMG Lands $215M to Build Condo Tower Near Miami Nightclub

PMG and some of the owners of the E11even nightclub have landed a $215 million construction loan from GoldenTree Asset Management for yet another condo tower near Downtown Miami after nearly selling out the planned units. 

Called 38 West Eleventh Residences, the 44-story development is a partnership with Lion Development Group and Marc Roberts Companies, whose respective founders, Michael Simkins and Marc Roberts, own stakes in E11even, one of Miami’s most popular nightclubs. 

Located at 38 Northwest 11th Street in Miami’s Park West neighborhood, the Sieger Suarez Architects-designed project will house 659 units, of which 99 percent have pre-sold, according to PMG. Owners will be allowed to list their units as short-term rentals without restrictions, using an Airbnb management system. 

Construction is expected to be completed in the first quarter of 2028. PMG paid $30 million for the half-acre site in 2022, which sits one block west of E11even, according to property records. 

The condo project once again teams PMG with Roberts and Simkins. Nearby, PMG is building two E11even-branded towers: the 449-unit E11even Hotel & Residences and 550-unit E11even Residences Beyond, which have nabbed $149 million and $262 million in financing, respectively. 

Julia Echikson can be reached at jechikson@commercialobserver.com.