Inexpensive short-term rental project in Overtown scores $93M construction loan

Excerpt from The Real Deal website: PMG, Michael Simkin’s Lion Development Group and Alex Karakhanian’s Lndmrk Development scored a $92.5 million construction loan for their short-term rental friendly condo project in Miami’s Overtown neighborhood.

The partners secured financing from New York-based Maxim Capital Group, according to a news release. The loan is for One West Twelve Residences (One W12), the 22-story, 372-uni condo project planned for 105 Northwest Eleventh Terrace. The partners launched sales for One W12 last year, which is 97 percent presold, according to the release.

“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.” The historically Black neighborhood has drawn investment from other developers as well. Terra’s David Martin and the billionaire Más family have teamed up for a 1,215-unit residential complex that spans 8.4 acres. It will include a mix of market-rate, affordable and workforce housing, as well as 15,000 square feet of retail.

Read full article here: Short-Term Rental Project in Miami’s Overtown Secures Loan