JP Morgan Chase Bank is the lead lender on a $46.2 million mortgage to build 276 apartments in Miami.
Ponce & Bird Miami Development, managed by Chicago-based Hines Holdings, has obtained a $46.2 million mortgage to build 276 Miami apartments. JP Morgan Chase Bank is the lead lender for the project at 3880 Bird Road. Ponce & Bird acquired the property in July in three transactions for a combined $10.3 million, including one with Gables Lincoln Mercury, South Florida Business Journal has reported.
The average unit size of this Class A for-rent residential community is 898, the Hines website reports.
“ARQUITECTONICA, the internationally acclaimed architectural firm, will be the architect for the project,” the website says. “The building will include state-of-the-art amenities, including a resort-quality pool and sundeck, and courtyard, a cyber-café/business center, a “club quality” fitness center, ground floor patios and balconies for all residents and direct on-floor unit access from all levels of the eight-story parking deck.”
The site is located one block from the Village of Merrick Park, a luxury, open-air lifestyle center that contains more than 100 other retailers and restaurants and is further amenitized with nearby mass transit access, the website says.