National development firm Property Markets Group (PMG), in collaboration with Canadian-based private equity firm Greybrook Realty Partners (Greybrook), has secured $178 million in refinancing for Society Wynwood, a 10-story mixed-use building designed by MKDA at 176 Northwest 25th Street in Miami’s Wynwood Arts District. Eastdil Secured arranged the financing, provided by funds managed by Ares Management and Monarch Alternative Capital. Randy Barcelo from Stearns Weaver Miller represented PMG. Since welcoming its first residents in March, Society Wynwood has experienced rapid leasing velocity.
Society Wynwood comprises 318 rental apartments and 50,210 square feet of retail space that spans the ground floor’s entire city block. The property offers a combination of traditional units with efficient layouts and innovative “Rent-by-Bedroom” (co-living) options. The building’s extensive amenities cover over 82,000 square feet of community-focused spaces, including a rooftop pool deck with an outdoor gym, theater lawn, hot tub, grilling areas, a coworking hub with private conference rooms, a modern gym, yoga terrace lawn, smart package lockers, and app-based keys.
Society Wynwood. Credit: Property Markets Group, Greybrook Realty Partners.
“It’s been exciting to witness the building’s positive reception since opening, and we’re pleased to project that the property will be stabilized by spring 2025,” said Andrew Warman, Managing Director of Capital Markets at PMG. “We’re thankful for the support of our partners and lenders in securing this refinancing, which will enable us to repay the existing construction loan and continue a successful lease-up.”
Society Wynwood. Credit: Property Markets Group, Greybrook Realty Partners.
“The completed building fosters a strong sense of community with its expansive indoor and outdoor amenities and lifestyle programming for residents,” said Sami Mouaket, Director of U.S. Investments & Developments at Greybrook. “Society Wynwood stands out not only for its attainably priced offering but also for its elevated lifestyle with condo-standard finishes across both co-living and traditional suites. We have seen tenants relocating from within the neighborhood, across the state, country, and even internationally, reflecting the social diversity and continued appeal of Wynwood and Miami more broadly.”
Society Wynwood. Credit: Property Markets Group, Greybrook Realty Partners.
The internal ground floor courtyard offers various dining options for both locals and visitors, including Dave’s Hot Chicken, Bodega Taqueria, Chama de Fogo’s Brazilian steakhouse, Las Vegas-based Nacho Daddy, Starbucks, Voodoo Donuts, and I Scream Gelato. Society Wynwood is a vibrant addition to the neighborhood, blending modern living with a diverse array of amenities and retail options.
Society Wynwood is the latest addition to PMG’s growing national portfolio of Society Living apartment communities. PMG created the multifamily brand to meet the growing demand for reasonably priced rental housing in prime locations, fostering communities where residents can connect and thrive. Encouraging residents to “Choose Happiness,” Society Living focuses on creating inspiring living spaces that promote personal growth. PMG recently opened Society Orlando in Downtown Orlando and has over 8,500 units planned; additional Society Living properties are underway in Atlanta, Brooklyn, Denver, Fort Lauderdale, and Nashville, with more to be announced.
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The ‘dining’ options on the ground floor are mostly fast food. So, you’ll be living above a fast food court. It doesn’t fit with the image they seem to be trying to portray.