It’s a done deal: Midtown 5 will begin construction by the end of the year.
Magellan Development Group obtained an $80 million construction loan last week to build the 400-unit rental project. Construction financing was arranged by Mike Tepedino, Elliott Throne, Scott Wadler, and Jennifer Keller of HFF.
The 24-story project will also add 22,000 square feet of ground-floor retail space to the Midtown Miami neighborhood.
Residents of the luxury Midtown 5 building will enjoy over 52,000 square feet of indoor and outdoor amenity space, including a steam room, pool deck and fitness center.