Madison Realty Provides $126M for PMG to Build Wynwood Condo
By Julia Echikson May 1, 2026 1:05 pm
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PMG and LNDMRK Development have nabbed a $126 million construction loan for a condo project in Miami’s Wynwood neighborhood, the partnership announced.
The financing from Madison Realty Capital and private equity firm Siguler Guff will cover the eight-story Twenty Sixth & 2nd Wynwood Residences. Located at 2600 Northwest Second Avenue, adjacent to Northwest 26th Street, the development will include 233 units and 26,000 square feet of ground-floor retail space, in addition to 32,000 square feet of wellness-focused amenities.
Construction got underway this week and is expected to be completed in the second quarter of 2028.
Already 72 percent of condos are under contract, according to the developers. The residences will come fully furnished, and owners will be able to lease out their units on a short-term basis throughout the year. PMG’s in-house team has been leading sales.
Property records show that the Gindi family’s ASG Equities owns the 1.2-acre site. The firm, which also owns the Century 21 department store in New York, assembled the parcel in 2016, paying a combined $53.5 million.
PMG and Lndmrk are now buying the land, although New York-based ASG Equities will own the retail component and hold a minority stake, according to a representative for the developers, who declined to provide sales figures.
Across the street, PMG completed the 318-unit Society Wynwood co-living property in 2023. In January, the developer, once again with Alex Karakhanian’s Lndmrk Development, launched sales for the 244-unit Frida Kahlo Residences condo development, also in Wynwood.
The construction loan is just the latest for PMG. In December, it obtained a $93 million construction loan to build a 372-condo, 23-story tower near Downtown Miami. Close by, it obtained a $215 million construction loan for a 44-story condo tower. The Waldorf Astoria supertall tower remains under construction after securing over $600 million in financing two years ago.
Madison Realty Capital has remained a prolific construction lender. The New York-based private credit lender provided $630 million to Gil Dezer’s Bentley-branded high-rise in Sunny Isles Beach in South Florida’s largest condo loan last year.
Julia Echikson can be reached at jechikson@commercialobserver.com.
