Inexpensive short-term rental project in Overtown scores $93M construction loan

PMG, Michael Simkins’ Lion Development Group and Alex Karakhanian’s Lndmrk Development scored a $92.5 million construction loan for their short-term-rental friendly condo project in Miami’s Overtown neighborhood. The partners secured financing from New York-based Maxim Capital Group, according to a news release. The loan is for One West Twelve Residences (One W12), the 22-story, 372-unit condo project planned for 105 Northwest Eleventh Terrace. The partners launched sales for One W12 last year, which is 97 percent presold, according to the release.  The financing works out to about $249,000 per unit. The planned condos will include studio and one-bedroom options, and […]This article originally appeared on The Real Deal. Click here to read the full story.