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PMG Buys 400 Biscayne For $55M, Will Build 690-Unit Tower

PMG has closed on the purchase of 400 Biscayne.

The developer will build a 690-unit apartment tower as the first phase.

Previously, PMG said that the second phase may include a condo tower.

PMG Closes on their Latest Project- 400 Biscayne Boulevard for $55 Million

Financing for the deal was provided by Greybrook Realty Partners

MIAMI, FL- January 18th, 2018- Developer PMG, led by Kevin Maloney and Ryan Shear, is pleased to announce the acquisition of 400 Biscayne Boulevard for $55 million from the First United Methodist Church of Miami, Inc (FUMC). The first project on the land at 400 Biscayne will fall under PMG’s X Social Communities portfolio, which caters to modern professionals seeking a connected and convenient lifestyle at an attainable price in a downtown setting. The project will feature approximately 20,000 square feet of commercial space as well as over 690 units overlooking Biscayne Bay in the heart of Downtown Miami.

“This is our third investment in the Biscayne corridor, increasing our ability to create innovative living experiences for residents,” adds Ryan Shear, Principal of PMG. “We feel that this market is one of the most important areas of Miami from a future growth perspective, general location and view standpoint.”

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