Holliday Fenoglio Fowler (HFF) has arranged $110.3m in financing for the development of Midtown 6, a mixed-use residential and retail tower in Midtown Miami, Florida.
The HFF team worked on behalf of the borrower, a joint venture between institutional investors advised by J.P. Morgan Asset Management and Magellan Development Group, to secure the construction loan through PNC Bank and BMO Harris Bank.
The latest development follows the construction financing that the HFF team arranged on the borrower’s behalf in 2014 for the development of the adjacent Midtown 5 tower.
Situated at 3101 NE 1st Avenue in Midtown area, the new 31-storey tower will offer more than 397,000 sq ft of residential space and 40,000 sq ft of retail space on the ground floor.
Designed by bKL Architecture, the LEED Silver project will feature residential units comprising a mix of studio, one-, two- and three-bedroom floor plans averaging 890 sq ft.
Additionally, the mixed-use development will include fitness centre, sport court, spa with sauna and steam room, resort-style elevated pool deck with cabanas and grilling area, pool bar, 30th floor sky lounge, dedicated event room, game room, lounge area and gated structured parking.
The project is scheduled to be completed in spring 2020.
Holliday Fenoglio Fowler senior director Scott Wadler said: “The combination of a first-class development team and prime location in Miami's most walkable neighborhood paved the way for a successful financing.
“We are excited to watch Midtown 6 continue to build out Midtown Miami, as the adjacent Midtown 5 project has done.”