JPMorgan Chase lends $68M to project in Miami’s Midtown/Design District

JPMorgan Chase lends $68M to project in Miami’s Midtown/Design District

District 36 will have 195 apartments and 61,500 square feet of retail/restaurant space.

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.

District 36 will have 195 apartments and 61,500 square feet of retail/restaurant space.

District 36 will have 195 apartments and 61,500 square feet of retail/restaurant space.

The lobby of District 36.

The lobby of District 36.

District 36 will rise 19 stories

District 36 will rise 19 stories

The club room of District 36.

The club room of District 36.

ADD Inc, now with Stantec, designed District 36.

ADD Inc, now with Stantec, designed District 36.

District 36 will be located at 3635 NE 1st Avenue.

District 36 will be located at 3635 NE 1st Avenue.

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Story by:
Brian Bandell – Photo Courtesy: Biz Journals

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