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.
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.