- Category
- Defining Matters
- Date
- May 05, 2025
- Title
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Kramer Levin Represents Property Markets Group in Connection With $413 Million Construction Loan for New Development in Miami
Kramer Levin represented Property Markets Group in connection with obtaining a $413 million construction loan to finance the development of a two-tower luxury mixed-use project located at 120 SW 8th Street, Miami, Florida. The project will be comprised of a 35-story condominium tower with 240 residential units and 240 office units, totaling approximately 182,559 net saleable square feet and a 40-story rental residential tower with 563 units, totaling approximately 397,354 rentable square feet, also featuring approximately 10,529 square feet of ground floor retail and approximately 703 parking stalls within a shared 13-story podium. The construction loan consists of a $291.5 million senior loan provided by an affiliate of Ares Real Estate and a $121.5 million junior loan provided by an affiliate of Monarch Alternative Capital. The transaction closed on April 25, 2025, and was covered in Bisnow, Commercial Observer and The Real Deal.
Related People
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James P. Godman
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- Partner
- New York
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Borna Khoshand
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- Associate
- New York
- vcard
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Celeste B. Williams
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- Associate
- New York
- vcard
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