PMG Lands $413M to Build Condo and Rental Towers in Miami’s Brickell

The construction rush in Miami’s Brickell district continues: PMG scored a $413 million loan from Ares Real Estate and Monarch Alternative Capital to build a two-tower residential project there.

Called One Twenty Brickell Residences, the development will house a 37-story, 266-unit condo tower as well as a 41-story, 537-unit multifamily tower. While a parking podium will connect the two buildings, the towers will have separate amenities.

“Obtaining this financing stands as an incredible feat at a time when current market conditions are making development of multifamily towers challenging,” Andrew Warman, managing director of capital markets at PMG, said in a statement. 

The Sieger Suarez Architects-designed condo component is so far 91 percent pre-sold, according to PMG. JLL brokered the debt.

PMG acquired the 1.1-acre site for $58 million three years ago. Construction is expected to commence next month and be completed in 2028. 

The construction loan is the latest for Brickell, Miami’s financial district, which has seen a rush of luxury condo development since the pandemic. Mast Capital is building the Cipriani complex after securing a $600 million loan. Related Group and Integra’s St. Regis project along the waterfront remains under construction following a $527 million loan. 

One Twenty Brickell Residences is in the less glamorous portion of the district, across the Metrorail line at 120 Southwest Eighth Street. Other projects along the strip include Michael Stern’s Mercedes-Benz-branded condo project. 

PMG remains busy across Miami. Last month, it secured a $215 million construction loan for a 44-story development near the E11even nightclub. PMG is also building an E11even condo and hotel development. 

Last year, it secured $668 million to build the Waldorf Astoria hotel and condo skyscraper, which remains Miami’s largest construction loan ever.

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