PMG, Lion Development Group and Marc Roberts Companies landed a $215 million construction loan for their planned condo tower, 38 West Eleventh Residences Miami.
Steven Tananbaum’s New York City-based GoldenTree Asset Management is providing the loan, according to a press release. The 44-story, 659-unit short-term rental-friendly condo tower is one of a slew of projects the partners plan for Miami’s Park West neighborhood, near the E11even Miami nightclub.
Planned for the site at 38 Northwest 11th Street, 38 West Eleventh Residences Miami is 99 percent pre-sold, according to the release. Condo owners will be able to rent their units out daily without restrictions, via a centralized Airbnb management system, unlike some other similar short-term rental-friendly projects that place restrictions on rentals.
Sieger Suarez Architects designed 38 West Eleventh Residences. Condos will be studios and one-bedrooms, all fully furnished. Amenities will include spa facilities, a pool, a…
