Loan approval paves the way for mixed-use project in Miami’s Wynwood Arts District

After securing a $ 142.3 million construction loan, developers PMG and Greybrook Realty Partners will proceed with construction of the 10-story Society Wynwood mixed-use project at 2431 NW 2nd Ave. The loan will help finance the project, construction of which began earlier in 2021..

“We are excited to expand our relationship with these leading lenders alongside our Greybrook partners to create a premier destination for life and entertainment on Wynwood’s largest block,” said Ryan Shear, Managing Partner at PMG. “Miami and the Wynwood Market are close to our hearts as a team of passionate locals. With the incredible success we have had at Society Las Olas in Fort Lauderdale and Society Biscayne slated to open in early 2022 in downtown Miami, Society Wynwood will be the third social apartment community in the world. South Florida under our growing national brand Society Living. Society Wynwood will provide a community-driven living experience and affordable housing that reflects the vibrant energy and positivity of the surrounding neighborhood.

The development is expected to be completed by spring 2023, with 318 rental apartments and 50,210 square feet of retail space between the ground floor and the roof. Unit layouts will provide a mix of traditional units with efficient designs and ‘rental per room’ (co-living) options. Facilities include an expansive pool deck, co-working lab, modern gym and fitness studio, entertainment lounges, yoga lawn, craft food and beverage operations, smart lockers and application-based keys.

“Obtaining this construction loan for Society Wynwood once again proves the strength of Society Living’s portfolio and the appeal of social apartment communities,” Sami Mouaket, Director of Investments and Development in the United States at Greybrook Realty Partners. “Turnkey rental options, top-of-the-line amenities and event programming organized by the Wynwood Company provide an attractive investment opportunity for investors and will provide an exceptional quality of life for future residents. “

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