Property Markets Group is breaking ground on its One Twenty Brickell Residences after securing what it is calling Florida’s largest construction loan so far this year.
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After landing $413M in construction financing from an Ares Real Estate fund and Monarch Alternative Capital, PMG is breaking ground on its condo and apartment project next week.
The financing covers the multifamily, commercial, condo and parking components for the project, according to a release.
“Obtaining this financing stands as an incredible feat at a time when current market conditions are making development of multifamily towers challenging,” Andrew Warman, PMG managing director of capital markets, said in a statement.
PMG’s Warman, Jon Blank and Paton Marion plus JLL’s Christopher Peck, Brian Gaswirth, Nicco Lupo, Nick Lavin, Jimmy Calvo and Paul Adams secured the loan.
Set to rise are two towers connected at 120 SW Eighth St. The first is a 37-story tower of 266 fully furnished condo residences that come with separate office space. It is about 91% sold. The second is a 41-story tower with 537 rental units managed by Sentral. Completion is set for 2028.
The multifamily building will have more than 48K SF of amenities, including a concierge service, fitness center, grilling terrace and coworking space. Condo owners will have access to more than 60K SF of amenities, including a pickleball court, fitness center, a café and a juice bar.
PMG and Sentral purchased the site in 2022 for $58M from a handful of entities that were managed by Jose I. Rasco III, the South Florida Business Journal reported at the time.
The project was originally planned to have a total of 803 apartments across a 46-story tower and a 31-story tower instead of condos and apartments, the SFBJ reported.
“Given the success of our other condo projects in the area, we simply met the market demand and shifted strategies to include both,” Warman told Bisnow in a statement.
PMG has been busy scattering luxury developments across Miami.
And while it secured the largest construction loan in 2025 so far, it fell short of topping its own record for Florida’s largest construction loan ever, a title held by the $668M financing for the Waldorf Astoria Hotel & Residences Miami.
Earlier this month, the Miami-based company landed a $215M construction loan for its 38 West Eleventh Residences Miami condo project in partnership with Lion Development Group and Marc Roberts Cos.
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