J.P. Morgan Asset Management secures $148 million for the refinancing of Gio Midtown, a 32-story luxury multifamily tower located in Miami’s Wynwood district. The five-year fixed-rate loan was provided by PGIM.
The borrower was represented by CBRE’s Tom Rugg, Tom Traynor, Adam Spengler, and Arman Samouk.
Gio Midtown opened in 2020 and is almost fully leased. It boasts 447 units spread over 400,000 square feet with ground-floor retail space occupied by popular brands such as Trader Joe’s, Playa Bowls and Pure Barre.
The studio to three-bedroom apartments range from 386 to1 ,919 square feet with rents starting at $2 ,400 per month up to $8 ,000 per month . The building offers an array of amenities spanning over74 ,000 square feet including a pool deck,a game room,multiple fitness areas,lounges,private workstations,and even a dog grooming facility .
This high-rise development has been financed through J.P.Morgan Asset Management securing nearly$148 million for the project .CBRE played an integral role in arranging this deal on behalf of the borrower .
Located at3131 NE First Avenue,GioMidtown is situated within Miami’s vibrant Wynwood district which has seen significant growth recently .With its prime location,the tower provides easy access to various dining options,boutique shops,and entertainment venues making it highly desirable among residents.The luxurious property features modern design elements along with top-notch amenities such as multiple fitness areas,a game room,lounges,private workstations,and even a dog grooming facility.This upscale development offers spacious apartments ranging from studios all the way up to three bedrooms,suiting diverse lifestyles.Rents start at$2 ,400and go up till$8 ,000per month depending on apartment size.Given its popularity,the building is almost fully leased out already showcasing its appeal among potential tenants.
