JV Receives $110.3M in Construction Financing for Apartment Tower in Miami

MIAMI — A joint venture between institutional advisors advised by J.P. Morgan Asset Management and Magellan Development Group have received a $110.3 million construction loan for the development of Midtown 6, a 31-story apartment tower that will be located at 3101 N.E. 1st Ave. in Miami’s Midtown district. Danny Kaufman, Elliott Throne, Scott Wadler and Mike Tepedino of HFF secured the loan through PNC Bank and BMO Harris Bank on behalf of the borrowers. HFF also arranged construction financing on the borrower’s behalf for the development of the adjacent Midtown 5 tower in 2014. Designed by bKL Architecture, Midtown 6 will include 397,000 square feet of residential space and 40,000 square feet of ground-level retail space. Residential units will offer a mix of studio to three-bedroom floor plans averaging 890 square feet. Community amenities will include a fitness center, sport court, spa with sauna and steam room, swimming pool with cabanas and grilling areas, pool bar and a sky lounge. The project is intended to be LEED Silver-certified and is slated for completion in spring 2020.