Funding keeps flowing: Two recently completed Miami mixed-use projects score loans totaling $237M
By Francisco Alvarado | August 21, 2024 | The Real Deal Estate News
PMG and Greybrook landed $178M refi for Society Wynwood, and Rockpoint nabbed $59M mortgage for Strata Wynwood’s multifamily component
A pair of mixed-use projects built in the last two years in Miami’s Wynwood scored loans totaling $237 million.
In the larger deal, funds managed by Ares Management and Monarch Alternative Capital provided a $178 million loan to an affiliate of New York and Miami-based Property Markets Group, or PMG, and Toronto-based Greybrook Realty Partners. The mortgage refinances a previous $142.3 million construction loan for Society Wynwood, a 10-story mixed-use building at 176 Northwest 25th Street and 2431 Northwest Second Avenue that the joint venture recently completed, a press release states.
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