A $161.5 million construction loan has been issued to the developers of a 49-story apartment tower at 400 Biscayne.
Construction is already underway following groundbreaking in June, with completion expected in 2021.
“We are working hand-in-hand with First United Methodist Church and Greybrook Realty Partners to create something special for the neighborhood, which will continue to foster growth and connection in this city we love,” said Ryan Shear, Managing Partner of developer PMG.
The 400 Biscayne project will have over one-million square-feet of space. The tower will include 646 rental apartments, 51,000 square feet of commercial space and a 22,000-square-foot redesigned First United Methodist Church of Miami.
First United Methodist Church will have a dedicated entrance and parking garage. The church space will include a chapel, a fellowship hall, classrooms, offices, a basketball court, and a 3-story sanctuary with views of Biscayne Bay.
Amenities at 400 Biscayne will include a public lobby lounge and restaurant, co-working spaces, a gym and fitness studio, pool deck and outdoor lounge, smart package lockers, and bike storage facilities.
Centennial Bank and Square Mile Capital provided the financing. In a statement, they said that the success of the nearby X Miami tower built by the same developer gave them the confidence to issue the new loan. Centennial and Square Mile also financed X Miami.
Andrew Warman, Jonathan Blank and Lowell Plotkin led the PMG team on the closing of this loan. Luis Flores led the team of Saul Ewing Arnstein & Lehr attorneys who represented PMG and Greybrook partnership in closing the transaction.