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PPG Lands $205M Construction Loan for Miami Redevelopment Project
PPG Development is overseeing a redevelopment project where the former Nova Southeastern University dental school operated, with the help of a $205 million construction loan. The South Florida Business Journal reports that BDT & MSD Partners, in partnership with multiple insurance companies as co-lenders, provided the mortgage to PPG.
Dubbed Palm Aire, the project was approved for 728 apartments, 1,200 square feet of commercial space and 985 parking spaces on a 7.5-acre site at 1750 N.E. 167th Street in N. Miami Beach. Amenities would include two multi-sport courts, a fitness center, a pool deck, a clubroom, a coworking center, a game room and a lounge.
Palm Aire would have five apartment buildings, ranging from three to eight stories, plus two parking decks, ranging from six to seven stories. The pool deck would be atop the tallest parking garage.
Groundbreaking is expected in late September. Straticon is the general contractor. Kobi Karp Architecture in Miami designed the project.
The developer acquired the property for $31.1 million in 2022.
- ◦Financing
