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PMG Secures $106M Loan for X Miami MF

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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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

  • ◦Financing
  • ◦Development
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