Marc Roberts, along with partners PMG, secures nearly $150M in construction financing for the first condo tower. Co-owners of E11EVEN Residences & Hotels, Michael Simkins and Roberts sold two key pieces of land in the downtown Miami area which led to the development of tower 1.
According to records, the Construction financing for the downtown Miami project was provided by a Starwood Property Trust affiliate by way of a partnership between Property Markets Group and E11EVEN Partners.
Miami Block 17 LLC, led by E11EVEN Partners' Simkins, sold the 9,125 square-foot stretch of land at 1025 North Miami Avenue to 11th Street Trustee LLC, led by PMG's Ryan Shear. The land sold was previously owned by Simkins and Roberts. According to property records, Miami NE 11th LLC also sold the property at 20 and 30 NE 11th Street to the PMG affiliate for over $5 million.
The newly-acquired loan will serve to finance construction for all three properties. While E11EVEN Hotel & Residences launched sales quietly at the beginning of 2021, developers claimed they quickly sold out. Sales for tower 2 were launched quickly thereafter. Tower 2, also known as E11EVEN Residences Beyond, will connect to the first tower via a sky bridge and at ground level.
The 65-story towers are set to develop just south of 24-hour nightclub E11EVEN Miami, in the Park West neighborhood of downtown Miami. The development will be designed by Sieger Suarez Architects and units will all be finished and furnished.
The first tower, where amenities for the. entire project will be included, will offer a casino-style sports launch, a rooftop, a spa and wellness center courtesy of Dr. Deepak Chopra, and a slew of chef-driven restaurants. The first tower is expected to be completed in 2023.
Developers broke ground on phase one, a 375-unit hotel and condo tower, in November 2021. WNBA player Candace Parker, ESPN co-host Sage Steele and MMA fighter Luke Rockhold are all buyers there.
The Portland Trail Blazers' Just Nurkic is buying units in both buildings. Youtubers and fighters Jake and Logan Paul are expected to buy penthouses in the second phase. Remaining units at E11EVEN Residences Beyond start in the mid-$300,000s, with sizes beginning at 318 share-feet for studios. Cryptocurrency is accepted as form of payment by the developers.