JP Morgan Obtains $147.7M Refi for Wynwood Highrise

J.P. Morgan Asset Management has obtained nearly $148 million to refinance Gio Midtown, a 32-story luxury multifamily tower in Midtown Miami. PGIM provided the five-year, fixed-rate loan.

CBRE’s Tom Rugg, Tom Traynor, Adam Spengler, and Arman Samouk arranged the deal for the borrower.

Gio Midtown is located at 3131 NE First Avenue in Miami’s Wynwood district. The tower, which opened in 2020, is nearly fully leased. It features 447 units over 400,000 square feet and includes 38,000 square feet of ground-floor retail space occupied by Trader Joe’s, Playa Bowls, and Pure Barre.

Room sizes of studio to three bedrooms run from 386 to 1,919 square feet. Rents run from $2,400 to $8,000 a month. The building offers more than 74,000 square feet of amenities, including a pool deck, multiple fitness areas, a game room, lounges, private workstations, and a dog grooming facility.