JLL arranges $262M financing for the development of luxury condominium tower in Miami
E11EVEN® Residences Beyond will include a 65-story tower with more than 550 luxury condominium units, 13,861 square feet of retail and 204 parking spaces
NEW YORK, Jun. 9, 2023 – JLL’s Capital Markets group announced today that it has secured the $262 million construction financing for E11EVEN® Residences Beyond, a 65-story condominium development in Miami, Florida. The project will include over 550 luxury condominium units, 13,861 square feet of retail and 204 parking spaces.
JLL worked on behalf of the borrower, Property Markets Group, to secure the 3.5-year, floating-rate loan through Madison Realty Capital.
With an anticipated completion of 2026, E11EVEN® Residences Beyond will feature private resort-style amenities, such as an expansive gym, spa, rooftop lounge, pool, private rooftop helipad and a 150-foot bridge connecting the project with E11EVEN® Hotel and Residences.
Located in the heart of Downtown Miami’s District 11 at 50-90 N.E. 11th St., the project benefits from direct access to I-395 and I-95, providing ease of travel to Miami Beach, Wynwood, Brickell, Miami International Airport, the Port of Miami and a multitude of other prime local destinations. The community will provide residents an urban, walkable lifestyle with instant access to Adrienne Arsht Center for the Performing Arts, the Perez Art Museum and the Frost Museum of Science, as well as the Miami Worldcenter, a 27-acre, mixed-use development with 300,000 square feet of newly built retail, dining, shopping and entertainment venues.
JLL’s Capital Markets Debt Advisory Team was led by Senior Managing Directors Christopher Peck and Chris Drew, Managing Director Brian Gaswirth, Director Alex Staikos and Associate Jimmy Calvo.
“This is an exciting time in District 11, and despite market turmoil, lenders were eager to work with a best-in-class developer like PMG on a project that will stand out in an exhilarating new neighborhood that appeals to residents and visitors alike,” said Peck. “The transaction is further evidence that attractive financing is available for sophisticated projects in the right location, and we were thrilled to work with both parties to close this loan.”
JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.9 billion and operations in over 80 countries around the world, our more than 103,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Property Markets Group
Property Markets Group is a premier residential developer predominantly dedicated to large-scale multi-family and for-sale condominium projects – currently operating projects across Florida, New York, Colorado, Arizona, Tennessee, and Georgia. During its 30+ year history, PMG has developed in excess of $10bn of projects including over 11,000 residential units and 16mm square feet, elevating them to the top echelons of luxury development.
About Madison Realty Capital
Madison Realty Capital is a vertically integrated real estate private equity firm that, as of March 31, 2023, manages $10 billion in assets on behalf of a global institutional investor base. Since 2004, Madison Realty Capital has completed $23 billion of real estate transactions largely through direct lending to borrowers with flexible and highly customized financing solutions. Madison Realty Capital’s strong underwriting capabilities provide certainty of execution in complex, time sensitive situations. Headquartered in New York City, with offices in Los Angeles, Dallas, and Israel, the firm has 75 employees across its real estate investment, asset management, and development disciplines. Madison Realty Capital has been named to Commercial Observer’s prestigious “Power 100” list of New York City real estate players every year since 2016 and was recognized in March 2023 by PERE as the Debt Firm of the Year, North America for Fiscal Year 2022. To learn more, follow us on LinkedIn and visit madisonrealtycapital.com.