When Magellan Development Group, a Chicago-based development company specializing in urban infill luxury residences, decided to raise a 31-story luxury residential tower in highly desirable Midtown Miami, they turned to PNC.
Magellan has been a PNC client since 2000, during which time the bank has acted as agent on approximately nine credit facilities totaling more than $1 billion. Magellan’s long-term relationship and confidence in PNC’s ability to execute were significant considerations in awarding the deal.
Formerly a rail yard, the newly revived live-work-play community of Midtown Miami offers residents a highly desirable neighborhood with boutique shopping, high-end dining and everyday conveniences. Adding to its unique charm is Midtown’s close proximity to the Wynwood and Edgewater art districts and the famous Design District where the international art show, Art Basel, is held annually. For fast escapes to Miami Beach, downtown Miami or Biscayne Bay, there is easy access to routes US-1, I-95 and I-195.
The LEED Silver building features a resort-style pool and terrace with hot tub/pool bar/cabanas/gas fireplace/gas grills, 30th floor sky lounge, spa, sauna steam massage rooms and fitness center. The first units will be available in October 2019 and final completion is scheduled for March 2020.
In discussing the transaction, Brian Gordon, Executive Vice President of Magellan Development Group, noted that, “We have worked with PNC for more than 15 years and value their depth of experience in the type of luxury high-rise projects that we specialize in. The relationship is very personalized and we can rely on timely execution when we work with the PNC team.”
Date: August 2017
Location: Miami, Florida
Financing Amount: $110.3 million
Financing Type: Syndicated construction loan
Scope: 447 luxury apartments, 601 parking spaces and 40,519 square feet of ground floor retail space
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