MIAMI — PMG has secured a $413 million construction loan for One Twenty Brickell Residences, a two-tower condominium and apartment development located at 120 S.W. 8th St. in Miami’s Brickell Financial District.
Christopher Peck, Brian Gaswirth, Nicco Lupo, Nick Lavin, Jimmy Calvo and Paul Adams of JLL arranged the financing through an Ares Real Estate fund and Monarch Alternative Capital. Andrew Warman, Jon Blank and Paton Marion of PMG’s capital markets team worked on the deal internally.
PMG plans to break ground on One Twenty Brickell Residences the first week of May and complete the development in 2028.
The condominium tower will rise 37 stories and house 266 fully furnished, for-sale condominiums, as well as 60,000 square feet of amenities that include an owner’s lounge, infinity-edge pool and an upscale fitness and wellness center that includes treatment rooms, a yoga lawn, outdoor terraces and a high-end fitness studio. The condos were 91 percent sold at the time of financing, and each condo owner will have a deed to an office suite.
The multifamily high-rise, which will be operated by Sentral, will rise 41 stories and feature a mix of studio, one-, two- and three-bedroom apartments, as well as a 48,000-square-foot amenity package that comprises a pool and hot tub, fitness center, coworking hub, lounges and a lobby with concierge services.
The two towers will share a podium. The design team includes Sieger Suarez Architects and interior designer Cotofana Designs.