PMG, Lion Development Group led by Michael Simkins, and Lndmrk Development headed by Alex Karakhanian have secured a $92.5 million construction loan for their condominium project in Miami’s Overtown neighborhood. The financing was provided by Maxim Capital Group, based in New York.
The development, called One West Twelve Residences (One W12), will be a 22-story building with 372 units located at 105 Northwest Eleventh Terrace. Sales for the project began last year and it is currently 97 percent presold, according to the developers.
Each unit in the planned building averages about $249,000 of the total loan amount. The condos will offer studio and one-bedroom options, as well as townhouse units ranging from one to three bedrooms. Cube 3 from North Andover, Massachusetts is responsible for the design.
Amenities at One W12 will include a fitness center, rooftop garden, pool, art installations, and Vibe BBQ—a restaurant on the ground floor operated by James Beard Foundation award winner Marcus Samuelsson. Unit prices started at $300,000 to appeal to buyers seeking more affordable short-term rental-friendly options compared to other projects in the area.
“What’s really attractive about the building is the price point,” Simkins told The Real Deal last year. “There is so much vibrancy in that neighborhood. People recognize there’s a revitalization happening in Overtown.”
Overtown has seen increasing investment from developers beyond this project. Terra’s David Martin and the Más family are working together on another large residential complex that will feature over 1,200 units across 8.4 acres and include market-rate, affordable and workforce housing along with retail space.
