Property Markets Group (PMG), along with their joint venture partner S2 Development and Canyon Partners Real Estate, announced that they have closed a $133.7 million senior construction loan for Muse Residences.
Canyon, the lender, is a Los Angeles-based real estate investment management firm and registered investment advisor.
“Canyon has been an active investor in South Florida for over two decades, and we are pleased to extend the Canyon lending portfolio with this investment,” said Ronald C. Muzii, Jr., Canyon Senior Director for the Southeast. “We’ve committed $440 million in condo loans during the current cycle in South Florida, and this is the 14th investment we have closed in Florida over the past five years.”
PMG and S2 Development have plans to break ground this week, bringing Muse Residences into the next stage of development. As Muse Residences continues to take the steps towards becoming a completed building, the loan from PMG represents Canyon’s confidence in Miami’s real estate market along with PMG and S2’s ability to create another impressive residential community.
“PMG is a best-in-class developer that delivers the highest quality luxury condominium product. “ says Senior Director at Canyon, Robin Potts, “We closed our first transaction with PMG last year by providing a $124 million senior construction loan for the Echo Brickell project, and are excited to close our second transaction with PMG on the Muse development.”
Located in Sunny Isles, 17141 Collins Avenue, Muse Residences will be made up of 68 exclusive residences. Each residence comes with unobstructed views and at least 2,360 square feet of space (floor plans vary from two to five bedrooms). Muse Residences will also offer two-full floor penthouse units that both contain five bedrooms, four and a half baths, a den and a service suite totally more than 5,800 square feet.
Construction for the Muse Residences will begin immediately with an estimated delivery date of fall 2018.