September 21, 2018
New York-based PMG closed on a $106 million loan for X Miami, the first South Florida project to launch under its new multifamily housing division, X Social Communities. The new financing for the recently-completed development was provided by Pacific Western Bank, which will be used to pay off an existing $80 million construction loan from Centennial Bank on the 32-story, 462-unit building at 240 Northeast Fourth St.
PMG’s Ryan Shear says, “Obtaining this loan from Pacific Western Bank is a huge milestone for X Miami and is going to help us further elevate the community.”
At X Miami, residents have options to rent an apartment or participate in the Rent-By-Bedroom program for a private bedroom and bathroom with roommates.
Andrew Warman, Jonathan Blank and Matt Ellish led the PMG team on the loan closing. Saul Ewing Arnstein & Lehr Attorneys Luis Flores, Rebecca Abrams Sarelson and Louis P. Archambault represented PMG in the transaction.
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