HFF arranges $80 million financing for development of luxury residential tower in Midtown Miami, FL

                                   

Jennifer L. Keller 

NEW YORK, NY – HFF announced it has arranged $80 million in financing for the development of Midtown 5, a 24-story, 400-unit luxury residential tower in Midtown Miami. 

HFF worked on behalf of the borrower, a joint venture between an institutional investor, Magellan Development Group and Midtown Development, to secure the construction financing through TD Bank and Mercantil Commercebank.  

Midtown 5 will be situated at 3301 NE 1st Avenue, approximately four miles west of Miami Beach and surrounded by the highly sought-after neighborhoods of Wynwood, Edgewater and the Design District. 

Designed by Chicago-based Loewenberg Architects, the LEED Silver project is slated for completion in the fall of 2016.

 In addition to the 365,000 square feet of residential space, Midtown 5 will also include 21,500 square feet of ground floor retail, 2,600 square feet of office space and a 450-space parking garage. 

Mike Tepedino

Residential units will offer one-, two- and three-bedroom floor plans averaging 1,058 square feet.  

The 51,000 square feet of community amenities will include a 24-hour door person, several outdoor lounges with grilling stations, swimming pool and cabanas, spa, state-of-the-art fitness center with steam room and sauna, game room, dog run, bike room, extensive business center and interior gallery.

The HFF debt placement team was led by senior managing director Mike Tepedino, managing director Elliott Throne, director Jennifer Keller and associate director Scott Wadler.

“The project is being developed, leased and managed by Chicago-based Magellan Development Group, a firm that has developed 4,950 residential units including the Lakeshore East community, a 28-acre master planned development in downtown Chicago,” said Tepedino.

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.

Elliott Throne

  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.

Magellan’s principal project, the award-winning, 28-acre Lakeshore East, is halfway completed and already home to thousands. 

 When completed, the ‘village in the heart of the city’ will include 4,950 residences, 2.5 million square feet of gross commercial space, 1,500 hotel rooms and a planned elementary school surrounding a magnificent six-acre botanical park.

 For more information please visit magellandevelopment.com or email jtaylor@magellandevelopment.com.

For a complete copy of the company’s news release, please contact:

Olivia Hennessey

Public Relations Coordinator

HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com