PMG and Lndmrk Development landed $126 million in construction financing to build their short-term rental-friendly condo project in Miami’s Wynwood neighborhood.
Madison Realty Capital and Siguler Guff provided the financing for the planned eight-story, 233-unit Twenty Sixth & 2nd Wynwood Residences at 2600 Northwest Second Avenue, according to a news release.
Twenty Sixth & 2nd Wynwood Residences will have fully furnished studio and one-bedroom units that will also come with deeded office space in the building, the release shows. The developers tapped Boston-based architecture firm Cube 3 to design the project. Amenities in the building will include a rooftop pool, spa facilities and a fitness center, the release shows. The developers have also secured a partnership with Airbnb that allows units to be rented on a short-term basis through the platform.
PMG Residential is leading sales and marketing for the project, with prices ranging from $500,000 to $1 million, the release shows. The project is 73 percent presold, and construction is expected to finish in 2028.
PMG is led by Ryan Shear, Dan Kaplan and Kevin Maloney, The firm is based in Miami, where it has hundreds of units in the pipeline. Earlier this month, PMG launched sales for One Twenty Brickell Signature Residences, a planned 40-story tower with 467 furnished units. In February, it launched the Delano Residences Miami, a planned 90-story, 421-unit supertall.
Lndmrk, based in Miami and led by Alex Karakhanian, has partnered with PMG before. In January, the partners launched sales for a Frida Kahlo-branded short-term rental-friendly condominium in Miami’s Wynwood slated for 244 units.
PMG and Lndmrk are buying the development site from the Gindi family’s ASG Equities, which will stay on as the owner of the project’s 26,000 square feet of retail space and a minority owner in the residential component of the project, the release shows.
