The Muse condominium tower broke ground in Sunny Isles Beach after co-developers PMG and S2 Development obtained a $133.7 million construction loan.
Canyon Partners Real Estate provided the mortgage for the 68-unit project at 17141 Collins Ave. Ronald Muzzi Jr., the senior director for Canyon in the Southeast, said it has committed $440 million in condo loans in South Florida during the current cycle. That includes PMG’s Echo Brickell project in Miami.
“The Canyon Partners Real Estate team has proven to us again that they are a reliable and experienced construction lender capable of closing large, complicated real estate transactions. Moreover, our familiarity with their requirements and process enabled us to close the deal quickly so that we can break ground and begin construction,” PMG CEO Kevin Maloney said.
Units in Muse range from 2,360 square feet to 5,800 square feet. Muse should be completed in fall 2018.
Attorney Luis Flores, of Arnstein & Lehr, represented PMG in the loan deal.