Downtown Miami: New Co-Living Apartment Tower Secures $161.5 Million Construction Loan
A new 49-story co-living apartment tower planned at 400 Biscayne Blvd, currently under construction, just scored $161.5 million development loan. Centennial Bank and Square Mile Capital provided financing to developers Property Markets Group (PMG) and Greybrook Realty Partners.
The tower will feature 646 rental apartments, 51,000 square feet of commercial space and a 22,000-square-foot space for First
United Methodist Church of Miami. PMG bought the one-acre site from the church, in 2018, for $55 million.
A portion of the units at the 400 Biscayne project will be assigned as co-living. Completion is expected in 2021.
“Obtaining this loan from Centennial Bank and Square Mile Capital is testament to our growing relationship with these leading multifamily lenders,” said Ryan Shear, managing partner of PMG, in a press release.
The church will have a selected entrance and parking garage. The church facility will feature a chapel, classrooms, a fellowship hall, offices, a basketball court, and a 3-story sanctuary with views of Biscayne Bay.
“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,” Shear said.
The building amenities include a pool deck and outdoor lounge, a public lobby lounge and restaurant, a gym and fitness studio, co-working spaces, smart package lockers, and bike storage facilities.