PMG and E11even Owners Secure $215M Loan for New Miami Condo Tower

PMG and several owners of the iconic E11even nightclub have secured a $215 million construction loan from GoldenTree Asset Management to build another high-rise condo tower near Downtown Miami. The new project, 38 West Eleventh Residences, comes after the near sell-out of its 659 planned units.

The 44-story tower is a joint venture with Lion Development Group and Marc Roberts Companies, whose founders—Michael Simkins and Marc Roberts—are stakeholders in E11even, one of Miami’s hottest nightlife venues.

The building, designed by Sieger Suarez Architects, is located at 38 Northwest 11th Street in the Park West neighborhood. Impressively, PMG reports that 99 percent of the units have already been pre-sold. Thanks to an integrated Airbnb management system, future owners will have the flexibility to offer their condos as short-term rentals without restrictions.

Construction is projected to finish in the first quarter of 2028. PMG acquired the half-acre site for $30 million in 2022. It is just one block west of the E11even nightclub.

This project follows the financing success of E11even Hotel & Residences and E11even Residences Beyond, which previously secured $149 million and $262 million in funding, respectively.