Developers held a groundbreaking ceremony today in Sunny Isles for the 47-story Muse condo tower, after obtaining construction financing.
Property Markets Group Closes Construction Loan for Muse Residences in Sunny Isles with Canyon Partners Real Estate LLC
The $134 million construction loan has been closed by the prominent development group.
MIAMI, FL – August 6, 2015 – Property Markets Group (PMG) and their joint venture partner S2 Development, along with Canyon Partners Real Estate (Canyon) announces today the closing of a $133.7 million senior construction loan for Muse Residences in Sunny Isles, located at 17141 Collins Avenue. The lender, Canyon, is a real estate investment management firm and registered investment advisor headquartered in Los Angeles, California.
“Canyon has been an active investor in South Florida for over two decades, and we are pleased to extend the Canyon lending portfolio with this investment,” said Ronald C. Muzii, Jr., Canyon Senior Director for the Southeast. “We’ve committed $440 million in condo loans during the current cycle in South Florida, and this is the 14th investment we have closed in Florida over the past five years.”
The announcement of this loan marks the next substantial milestone for Muse Residences. PMG and S2 Development have plans to break ground this week, marking the commencement of the next momentous phase of the development. With the vision of Muse coming to life, the loan secured from Canyon is a testament to Canyon’s confidence in the real estate market in South Florida and in the ability of PMG and S2 to develop another world class residential community. Construction for the luxury development will begin immediately with an estimated delivery date in fall of 2018.
“PMG is a best-in-class developer that delivers the highest quality luxury condominium product. We closed our first transaction with PMG last year by providing a $124 million senior construction loan for the Echo Brickell project, and are excited to close our second transaction with PMG on the Muse development,” said Robin Potts, Senior Director at Canyon.
“We’ve worked with Canyon previously so we have a relationship with the lender’s business and legal teams,” said Luis Flores of Arnstein & Lehr, LLP, which represented PMG. “As with other construction loans of this size, the transaction called for a team effort to deliver evidence that the construction framework, the corporate structure of the borrower and its investors, the title and survey condition of the project, and the condominium documents were such that the project would be a success . In today’s real estate market, we find it is pivotal to work closely with the lender and provide whatever information they need to feel comfortable to participate in financing a condo project.”
“We understand that in order to develop a successful project, a stellar team is required, and this is why we have joined together with Canyon and PMG,” said J. Claudio Stivelman, CEO of S2 Development.
“The Canyon Partners Real Estate team has proven to us again that they are a reliable and experienced construction lender capable of closing large, complicated real estate transactions. Moreover, our familiarity with their requirements and process enabled us to close the deal quickly so that we can break ground and begin construction,” said Kevin Maloney, CEO of PMG.
Muse offers residents 68 exclusive residences with unobstructed views and a variety of spacious floor plans from two to five bedrooms starting at 2,360 square feet. In addition, Muse Residences will consist of two-full floor penthouse units with five bedrooms, four and a half baths, a den and a service suite totaling more than 5,800 square feet.