PMG Receives $106M Refinancing for 464-Unit X Miami Apartment Tower
MIAMI — Property Markets Group has received a $106 million refinancing for X Miami, a 464-unit multifamily community in downtown Miami. Pacific Western Bank provided the financing, which will pay off an existing $80 million construction loan from Centennial Bank.
The 31-story tower that recently opened features units with floor-to-ceiling windows, large balconies, built-in closets, Nest thermostats and Alexa smart controls. X Miami also offers a Rent-By-Bedroom program for a private bedroom and bathroom with roommates starting at $1,300.
X Miami, which is located at 230 NE 4th St., is the first South Florida project to launch under PMG’s new multifamily housing division called X Social Communities. The division aims to bring community-driven, tech savvy projects to market with attainable rents. X Social Communities specializes in shared spaces designed to connect residents and promote a community environment.
PMG is planning more than 10,000 units for the X Social Communities portfolio across the United States over the next five years. X Chicago, X Las Olas (Fort Lauderdale) and X Denver were all recently announced.
Luis Flores, Rebecca Abrams Sarelson and Louis P. Archambault of Saul Ewing Arnstein & Lehr Attorneys represented PMG in the transaction.
“X Miami is the second project we have closed for PMG as part of its XSC division, and we have several more in the pipeline,” said Flores, a partner with the firm. “With X Miami, PMG is redefining the multifamily space in downtown Miami. This success speaks highly of PMG and shows that lenders are willing and ready to participate in smart urban developments in South Florida.”
— David Cohen