Property Markets Group last week secured more than $800 million of construction financing for projects in Miami and Brooklyn, with JLL Capital Markets lining up debt and equity for the projects.
The financing packages are split between a $262 million construction loan from New York-based manager Madison Realty Capital for a Miami luxury residential development and a $520 million debt and equity package for a mixed-used development in Brooklyn.
In Miami, the New York-based manager obtained a 3.5-year, floating-rate loan for the development of E11EVEN Residences Beyond. The property, with an anticipated completion in 2026, will offer a range of private resort-style amenities including a gym, spa, rooftop lounge, pool and a helipad.
“Despite market turmoil, lenders were eager to work with a best-in-class developer like Property Markets Group on [this type of] project,” said Christopher Peck, a senior managing director at JLL, who helped to arrange the deal.
The deal is a sign that attractive financing is available for projects in the right location, Peck added.
Meanwhile, the Chicago-based advisory arranged a $335 million construction loan and secured $165 million of LP equity for Property Markets Group and its joint venture partner, Carlyle, for Sackett Place and Society Brooklyn is an under-construction luxury community in the area of Gowanus. Once complete, slated for 2025, it will offer 517 multi-housing units and 10,000 square feet of retail.
“Developments with an affordable component continue to make sense to lenders seeking to deploy equity in a highly fractured market,” said Peck. “These are the type of mixed-used [projects] that remain highly appealing to investors.”