Magellan Development Group and its partners scored a $147.7 million refinancing for a 32-story mixed-use tower in Midtown Miami.
PGIM Real Estate, the global asset management arm of Prudential, provided the fixed-rate loan for Gio Midtown at 3101 Northeast First Avenue, according to a press release. Chicago-based Magellan, Miami real estate investor Alex Vadia and J.P. Morgan Asset Management completed Gio Midtown in 2020, records show.
J.P. Morgan Asset Management served as an adviser to the ownership group in obtaining the PGIM loan, the release states.
The building has 447 apartments and nearly 38,000 square feet of ground-floor retail space anchored by a Trader Joe’s grocery store. Other retail tenants include Greenleaf Animal Hospital, Stretch Lab Midtown and Playa Bowls.
Gio Midtown features studios, one-, two- and three-bedroom apartments. Monthly asking rents range from $2,422 to $8,193, according to Apartments.com.
In 2017, Magellan and its partners acquired the 2.1-acre Gio Midtown development site for nearly $28 million from an entity managed by Vadia, whose family owned multiple sites in Midtown Miami and surrounding areas.
Despite a tougher lending environment and higher interest rates, a handful of trophy properties in South Florida scored big ticket refinancing deals in recent months. Last month, Canadian real estate firm Heafey Group snagged an $80 million refinancing of its loan secured by the Conrad Fort Lauderdale Beach condo-hotel. Ocean Bank provided the loan for the 24-story project with 290 suites divided into condos and condo-hotel units.
In May, Hollo family-led Florida East Coast Realty nabbed a $419.6 million refinancing for Panorama Tower, an 868-foot mixed-use tower in Miami’s Brickell that is the tallest building on the Eastern Seaboard south of New York. The new debt consists of a $334.6 million Freddie Mac senior loan funded by Greystone Servicing Company, and an investment by preferred equity lenders led by a global pension fund, as well as $85 million in subordinated debt.
Also in May, the master developers of the $6 billion Miami Worldcenter in downtown Miami landed a $120 million refinancing secured by a parking garage and two retail condo units, including a 15,000-square-foot space leased to Apple, at the mega-mixed-use project.