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SUNNY ISLES, FLA. — Cohen Financial has secured a $167.6 million construction loan for Muse, a planned high-end, multifamily property in Sunny Isles, located in northeast Miami. The condominiums will be located at 17141 Collins Ave.

Kevin O’Grady, Daniel Sheehan and Eric McGlynn of Cohen Financial secured the loan with Delaware Life Holdings, a life insurance company owned by shareholders of Guggenheim Partners, a global investment and advisory firm. Property Markets Group (PMG) and S2 Development are the developers for the project.

“We are very pleased to have arranged this loan on behalf of PMG,” says O’Grady. “PMG is an extremely sophisticated and experienced developer, and Muse is very much a reflection of that expertise. Muse is already demonstrating success in sales, and we can’t wait to see what it looks like when completed. We are also pleased to further the construction lending program we have structured with Delaware Life Holdings.”

The 50-story Muse property will feature 60 feet of ocean frontage and unobstructed views. The condominiums will include 68 units with a variety of floor plans, which range from two to five bedrooms starting at 2,360 square feet.

In addition, Muse will consist of two-full floor penthouse units with five bedrooms, four and a half baths, a den and a service suite totaling more than 5,800 square feet. Prices range from $1.9 million to $18.5 million.

Development of the high-rise is scheduled for the first quarter of 2015 with a projected completion date of summer 2017.

Cohen Financial is a diversified, commercial real estate capital services firm offering debt and equity placement, loan administration and advisory services.

— Danielle Everson

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