JPMorgan Chase Bank awarded a big construction loan to the developer of the District 36 residential and retail tower on the border of Miami’s Midtown and Design District neighborhoods.
The bank (NYSE: JPM) granted the mortgage to MREG NE36 Owner, a joint venture between New York developers Mack Real Estate Group and Wharton Equity Partners. They are breaking ground in May on the 19-story tower at 3635 N.E. 1st Ave. with 195 rental units, 61,500 square feet of retail and restaurant space on the first and second floors, a parking garage, and a pool deck.
ADD Inc., now part of Stantec, designed the project. It should be completed by October 2016.
The 1.4-acre site was acquired for $9 million in 2014.
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Story by: Brian Bandell – Photo Courtesy: Biz Journals