PGIM Provides $148M Refi on Multifamily Tower in Midtown Miami
The 447-unit Gio Midtown, a 32-story luxury tower, opened in 2020
By Brian Pascus July 1, 2024 12:59 pm
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J.P. Morgan Asset Management has secured $148 million to refinance its interest in Gio Midtown, a 32-story luxury multifamily tower in Midtown Miami, Commercial Observer has learned.
PGIM provided the five-year, fixed-rate loan, while CBRE (CBRE)’s Tom Rugg, Tom Traynor, Adam Spengler and Arman Samouk arranged the deal on behalf of the borrower.
Located at 3131 NE First Avenue in Miami’s artistic haven of Wynwood, Gio Midtown opened in 2020 and is currently nearly 100 percent leased. The property boasts 447 units across 400,000 square feet and includes 38,000 square feet of ground-floor retail occupied by Trader Joe’s, Playa Bowls and Pure Barre.
The building itself contains more than 74,000 square feet of amenities including a pool deck, several fitness areas, a game room, lounges, private workstations, and a dog grooming facility.
Neither CBRE nor J.P. Morgan Asset Management would comment on the deal.
Brian Pascus can be reached at bpascus@commercialpbserver.com
