PMG, Michael Simkins’ Lion Development Group and Alex Karakhanian’s Lndmrk Development scored a $92.5 million construction loan for their short-term-rental friendly condo project in Miami’s Overtown neighborhood.
The partners secured financing from New York-based Maxim Capital Group, according to a news release. The loan is for One West Twelve Residences (One W12), the 22-story, 372-unit condo project planned for 105 Northwest Eleventh Terrace. The partners launched sales for One W12 last year, which is 97 percent presold, according to the release.
The financing works out to about $249,000 per unit.
The planned condos will include studio and one-bedroom options, and the building will also have a few townhouse units ranging from one- to three-bedrooms. The design was handled by Cube 3 of North Andover, Massachusetts. Amenities will include a fitness center, rooftop garden, pool, art installations and Vibe BBQ, a restaurant on the ground floor by James Beard Foundation award winner Marcus Samuelsson.
Pricing for units started at $300,000, with the developers angling to attract buyers at a lower price point than other short-term-rental friendly projects.
“What’s really attractive about the building is the price point,” Simkins told The Real Deal last year. “There is so much vibrancy in that neighborhood. People recognize there’s a revitalization happening in Overtown.”The historically Black neighborhood has drawn investment from other developers as well. Terra’s David Martin and the billionaire Más family have teamed up for a 1,215-unit residential complex that spans 8.4 acres. It will include a mix of market-rate, affordable and workforce housing, as well as 15,000 square feet of retail.
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