Magellan JV Gets $80M Construction Loan for Miami M-F Tower
- Nov 03, 2014
A joint venture of Magellan Development Group, of Chicago; Midtown Development; and an unidentified institutional investor has secured $80 million in construction financing for Midtown 5, a 24-story, 400-unit luxury apartment tower in Midtown Miami, it was announced late last week by HFF, which arranged the financing.
The lenders were TD Bank, of Portland, Maine, and Cherry Hill, N.J., and Mercantil Commercebank, of Coral Gables, Fla. The loan closed on Oct. 15, according to an HFF spokesperson.
The HFF debt placement team was led by senior managing director Mike Tepedino, managing director Elliott Throne, director Jennifer Keller and associate director Scott Wadler.
To be built at 3201 N.E. 1st Ave., about four miles west of Miami Beach and surrounded by the Wynwood and Edgewater neighborhoods and the Design District, Midtown 5 was designed by Loewenberg Architects, of Chicago, and is slated to be certified LEED Silver.
In addition to 365,000 square feet of residential space, the project will feature 21,500 square feet of ground-floor retail, 2,600 square feet of office space and a 450-space parking garage. Residential units will offer studio and one-, two- and three-bedroom floor plans.
Apartments will feature high-end finishes including 9-foot ceilings, stainless-steel appliances, ceramic floors, and in-unit washers and dryers.
The 51,000 square feet of community amenities will include a 24-hour door person, several outdoor lounges with grilling stations, a swimming pool and cabanas, spa, fitness center with steam room and sauna, game room, dog run, bike room, business center, and car-charging stations.
Groundbreaking on the project will likely take place around mid-November, a Magellan spokesperson told Commercial Property Executive, with the building’s completion estimated for spring 2016.
Magellan’s current main project is the 28-acre Lakeshore East in Chicago, which is halfway toward its final form that will include 4,950 residences, 2.5 million gross square feet of commercial space, 1,500 hotel rooms and an elementary school surrounding a six-acre park.