JPMorgan Chase lends $68m on 19-story Miami tower

JPMorgan Chase Bank has provided New York developers Mack Real Estate Group and Wharton Equity Partners with a $68m loan for the development of a residential and retail tower in Miami, Florida. Mack Real Estate Group paid a reported $9m for the 1.3-acre site at 3635 Northeast First Avenue, 3604 and 3620 Northeast First Court in February 2014.

JPMorgan Chase Bank has provided New York developers Mack Real Estate Group and Wharton Equity Partners with a $68m loan for the development of a residential and retail tower in Miami, Florida.

District 36
District 36

Mack Real Estate Group paid a reported $9m for the 1.3-acre site at 3635 Northeast First Avenue, 3604 and 3620 Northeast First Court in February 2014.

The joint venture is scheduled to break ground this month on the 19-story tower, dubbed District 36, located on the border of Miami’s Midtown and Design District neighborhoods. ADD has been selected to design the building.

JP Morgan Chase & Co. was the second largest originator of commercial and multifamily mortgages in 2014, securing $39.9bn, behind only Wells Fargo, according to an annual report from the Mortgage Bankers Association.

The bank is also the second largest in the US, according to Relbanks’ 2015 rankings, with a $230.6bn market cap (behind Wells Fargo’s $287.19bn).

District 36 will include 195 rental units, 61,500 sq ft of retail and restaurant space on the first and second floors, a parking garage, and a pool deck. It is slated for completion in October 2016.

In February, JPMorgan Chase Bank provided a $33.6m loan backing the repositioning of a group of Manhattan buildings owned by the Wildenstein family, a dynasty of international art dealers making a move into commercial real estate.

In July the lender provided a five-year, $190m loan on CV Properties’ new One Channel Center office building in South Boston, placing an additional $50m mezzanine loan through global investment management company BlackRock.

 

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