October 21, 2019
PMG and Raven Capital Management obtained a $102.1 million loan to build “X Phoenix,” a 253-unit, mixed-use apartment development in downtown Phoenix. The project broke ground in spring 2019 at 200 W. Monroe St. in the Phoenix CBD, and is part of a new multifamily brand PMG plans to announce later this year. CIM Group provided the financing.
James Millon, Tom Traynor, Mark Finan and Rocco Mandala with CBRE arranged the loan.
The apartment complex will offer studios, one-bedroom, and two-bedroom units, as well co-living options. Amenities will include a pool deck, co-working spaces, gym and fitness studio, smart package lockers, bike storage facilities and app-based keys. Approximately 36,000 square feet of commercial space will include office and retail, and a food hall component.
Additional projects going north under PMG’s new brand are in Miami’s Wynwood arts district, downtown Fort Lauderdale and downtown Orlando. More than 7,500 units are planned in the next five years.
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