GreyBrook logotype
Investor Login Contact Us

Miami II Property Closing Complete

日期:
January 19, 2018
分享:

We are pleased to share that the property closing of our Miami II development with Property Markets Group (PMG) took place on January 18th. PMG issued a press release regarding the funding of our development at 400 Biscayne Boulevard, which was picked up by several Miami news sites including The Next Miami, The Real Deal, and Biz Journals.  The full release is available below, and we look forward to sharing more details regarding this modern social community as we receive them.

PMG Closes on their Latest Project- 400 Biscayne Boulevard for $55 Million

Financing for the deal was provided by Greybrook Realty Partners

MIAMI, FL- January 18th, 2018- Developer PMG, led by Kevin Maloney and Ryan Shear, is pleased to announce the acquisition of 400 Biscayne Boulevard for $55 million from the First United Methodist Church of Miami, Inc (FUMC). The first project on the land at 400 Biscayne will fall under PMG’s X Social Communities portfolio, which caters to modern professionals seeking a connected and convenient lifestyle at an attainable price in a downtown setting. The project will feature approximately 20,000 square feet of commercial space as well as over 690 units overlooking Biscayne Bay in the heart of Downtown Miami.

“This is our third investment in the Biscayne corridor, increasing our ability to create innovative living experiences for residents,” adds Ryan Shear, Principal of PMG. “We feel that this market is one of the most important areas of Miami from a future growth perspective, general location and view standpoint.”

Ryan Shear, Evan Schapiro, Matt Ellish, Yechiel Ciment led the PMG team on the closing of this property. Luis Flores, Rebecca Sarelson and David Yontz of Saul Ewing Arnstein & Lehr LLP were the attorneys who represented the PMG in the transaction. In addition, Josh Kaplan at Bilzin assisted with REIT compliance issues.

As the third property that Greybrook Realty and PMG have partnered on in South Florida, this transaction further solidifies the longstanding and formidable relationship between the two organizations. “We are delighted to be partnering once again with PMG. A highly regarded and forward-thinking developer, 400 Biscayne will benefit greatly from PMG’s consistent focus on delivering premium lifestyle amenities and smart-building technology to its projects,” states Peter Politis, CEO of Greybrook Realty Partners.

The purchase of the land allows for the church to continue operating post-closing until the developers are ready to move forward with their plans. Upon construction of the new development, PMG and Greybrook have agreed to build a new state-of-the-art church with its own separate entrance. Plans for the new church will be a collaborative effort between PMG and the seller, FUMC Church.

“FUMC wanted to rebuild the Church in the same location, so the relationship with the potential buyer was very important. They liked the young and thriving energy that PMG brings to its developments and could see themselves doing business with the developer in the short and long term,” said Luis Flores, a partner with Saul Ewing Arnstein & Lehr. “The transaction is unique because we had to wear different hats at different times since we are the buyer and builder of the future Church. Throughout the negotiations, we maintained a cooperative approach in order to create a solid foundation for a long-lasting relationship.”

Pastor Dr. Audrey Warren of FUMC, who headed the project comments; “This property decision is one of the most important ones in recent decades for the church. The timing was right for the church to take advantage of the revitalization in the neighborhood and gracefully grow together with the thriving city around us. This sale will provide a new structure and parking to meet the church’s future operating needs and the resources to grow the ministries of this downtown campus. We are excited to collaborate with PMG and other community partners to make a positive impact in downtown Miami for years to come.”

Social Communities also known as “XSC” is a new multi-family housing division of PMG geared towards delivering the most fun and convenient living experience at an attainable price point. More info at www.xliving.co.

Common amenities include co-working spaces that eliminate the need for an office, oversized gyms and fitness studios with frequent group classes, communal kitchens to host potlucks and demonstrations, smart package lockers, dog runs, and bike storage facilities. Many units come pre-furnished for a turnkey move in. A proprietary mobile app enables keyless entry, manages guest lists and access, adjusts smart thermostats, notifies about packages, and facilitates social events. In addition, 400 Biscayne will also offer retail and restaurant space that’s integrated with the resident experience.

PMG is planning more than 5,000 units for the X Social Communities portfolio across the United States over the next five years. Projects in the pipeline include: the 464-unit “X Miami” in Downtown Miami, opening in summer 2018; the 99-unit “X University Village” in Chicago, opening spring 2018; the 1,200 unit X Las Olas in Fort Lauderdale, opening early 2020, and the 220-unit “X Union Station” in Denver, opening in 2020. Several additional projects are being planned in other major markets.

溯源

最新洞察力

Delos’ School Air-Quality Study Sheds Light on How to Protect Other Industries

Company News
November 30, 2021

The Well Living Lab, in collaboration with the Mayo Clinic and the University of Minnesota, performed a study to find out if adding portable air purification units would help to keep the air clean from viruses and other harmful airborne…

Greybrook Team Takes Part in Movember

Multi-media
November 29, 2021

Since inception, Movember has proudly welcomed more than five million supporters and has funded more than 1,250 innovative men’s health projects across 20 countries, raising awareness and donations for testicular cancer, prostate cancer, mental health and suicide prevention. With the…

Toronto Life Masterclass on Real Estate Investing Hosted by CEO Peter Politis

Insights
November 28, 2021

The Masterclass offered insights into the world of investing in real estate development, the current Toronto market, and the future of housing in the GTA. Listen to the full Masterclass below. The Masterclass discussed a variety of topics including what…

The House of Assembly Breaks Ground in Toronto’s Junction Triangle

Portfolio Updates
November 26, 2021

Peter Politis, CEO and Sarah Mansour, Executive Director of Strategy and Corporate Development at Greybrook Realty Partners joined our developer partners at Marlin Spring to celebrate this major project milestone and speak about the area’s exciting evolution. This transformation of…

Greybrook’s Christopher Kozub Honoured as 2021 Lexpert Rising Star: Leading Lawyer Under 40

Company News
November 25, 2021

This year, Greybrook is pleased to announce that Christopher Kozub, Greybrook Securities Inc., General Counsel has been recognized as a Leading Lawyer Under 40 as winner of Lexpert’s 2021 Rising Stars Award. Finalists from law firms, in-house legal departments, government,…

Watch Canadian Business and Toronto Life Insider’s Fireside Chat with CEO Peter Politis

Insights
October 27, 2021

Watch the full virtual Fireside Chat below. During the discussion, Peter recounts the unique position Toronto is in for real estate investment opportunities, giving the city plenty of room for long-term sustainable growth. Ranking as one of the most livable…

Watch the Waldorf Astoria Residences Miami Project Film

Multi-media
October 22, 2021

Watch the short film below. Designed unlike anything built before in Miami, this luxury residential and hospitality tower will include a stack of nine offset glass cubes, replicating a freestanding sculpture in the sky. The design is led by concept…

Construction Progresses at Symphony Towns in Oshawa

Portfolio Updates
October 18, 2021

With phase I foundations and framing complete, the construction team has been hard at work beginning the drywall and interior finishing work. Alongside developer partner, Marlin Spring, the townhome project will bring over 200 beautifully designed homes to the heart…

Society Atlanta Makes Waves with Latest Announcement

Portfolio Updates
October 15, 2021

The exciting news was picked up by the Atlanta Business Chronicle, Atlanta Agent Magazine and REBusiness Online. Society Atlanta is the latest addition to our growing nation platform in partnership with PMG. With plans set for Atlanta our expanding portfolio…

Groundbreaking Held for Artistry Project in Downtown Toronto

Portfolio Updates
September 30, 2021

  Peter Politis, CEO of Greybrook Realty Partners and Jared Berlin, Executive Director of Greybrook’s Asset Management group joined our developer partners at Tribute Communities to celebrate this major project milestone and official construction kick off. Located in Downtown Toronto,…

所有出版物

Join our newsletter and keep up to date with our news & insights

Contact us