The developers of the new Society Wynwood apartment complex are reporting strong demand for units, helping to secure a refinance.
Developer PMG, and Canadian-based private equity firm Greybrook said they had obtained $178m in refinancing for Society Wynwood.
Society Wynwood welcomed its first residents in March, and has experienced “rapid leasing velocity” since then. Stabilization is expected by spring 2025.
The 10-story development includes 318 rental apartments, with a “Rent-by-Bedroom” (co-living) option. Residents have access to over 82,000 square feet of amenity areas.
The ground floor has around 50,000 square feet of retail space. Dining options at Society’s internal courtyard includes Dave’s Hot Chicken, Bodega Taqueria, Chama de Fogo’s Brazilian steakhouse, Nacho Daddy, Starbucks, Voodoo Donuts and I Scream Gelato.
The refinancing was arranged by Eastdil Secured and provided by funds managed by Ares Management and Monarch Alternative Capital. PMG was represented by Randy Barcelo from Stearns Weaver Miller.
(photos: Society Wynwood)