Holliday Fenoglio Fowler, L.P. (HFF) announces $110.3 million in financing for the development of Midtown 6, a 31-story, mixed-use residential and retail tower in Midtown Miami.
The HFF team worked on behalf of the borrower, a joint venture between institutional investors advised by J.P. Morgan Asset Management and Magellan Development Group, to secure the construction loan through PNC Bank and BMO Harris Bank. This transaction follows construction financing that the HFF team arranged on the borrower’s behalf in 2014 for the development of the adjacent Midtown 5 tower.
Midtown 6 will be situated at 3101 NE 1st Avenue in the heart of the highly sought-after Midtown area, which is bounded by the thriving Wynwood, Edgewater and Design District neighborhoods. Designed by bKL Architecture, the LEED Silver project is slated for completion in spring 2020. In addition to the more than 397,000 square feet of residential space, Midtown 6 will also include 40,000 square feet of ground floor retail. Residential units will offer a mix of studio, one-, two- and three-bedroom floor plans averaging 890 square feet. Midtown 6 will feature an extensive amenity list, including a state-of-the-art fitness center, sport court, spa with sauna and steam room, resort-style elevated pool deck with cabanas and grilling area, pool bar, 30th floor sky lounge, dedicated event room, game room, lounge area and gated structured parking.
The HFF debt placement team representing the borrower included managing directors Danny Kaufman and Elliott Throne and senior director Scott Wadler along with executive managing director Mike Tepedino and senior director Jennifer Keller.
“The combination of a first-class development team and prime location in Miami's most walkable neighborhood paved the way for a successful financing,” Wadler said. “We are excited to watch Midtown 6 continue to build out Midtown Miami, as the adjacent Midtown 5 project has done.”
About J.P. Morgan Global Alternatives
J.P. Morgan Global Alternatives is the alternative investment arm of J.P. Morgan Asset Management. With more than $120 billion in assets under management and over 800 professionals (as of December 31, 2016), the firm offers strategies across the alternative investment spectrum, including real estate, private equity and credit, infrastructure, transportation, liquid alternatives and hedge funds. Operating from 23 offices throughout the Americas, Europe and Asia Pacific, its independent alternative investment engines combine specialist knowledge and singular focus with the global reach, vast resources and powerful infrastructure of J.P. Morgan to help meet each client’s specific objectives. For more information: jpmorganassetmanagement.com.
About Magellan Development Group
Since its inception in 1996, Magellan has evolved as one of the most prolific and highly respected developers of large-scale mixed-use properties in Chicago. Magellan’s expertise spans the interrelated fields of real estate design, development, development consultation, architecture, leasing, sales and marketing. This strong combination enables Magellan to manage the entire development process from conception to completion. For more information, please visit magellandevelopment.com or email email@example.com.
HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). For more information please visit hfflp.com or follow HFF on Twitter @HFF.