PPG Development and Partners Secure $235M for North Miami Beach Multifamily Project

PPG Development, in partnership with Ark Ventures and EquiShares, has secured $235 million to build a 728-unit multifamily project in North Miami Beach. The financing package includes a loan and a preferred equity investment, demonstrating the continued flow of construction lending in South Florida despite challenges such as elevated interest rates, rising insurance costs, and tariffs.

The Palm Aire complex, which will consist of five buildings, will be located on the former Nova Southeastern University campus. According to PPG Development's CEO Ari Pearl, development is set to begin by the end of the month. In a news release, Pearl also mentioned that the project will be led by Isaac Khabie of Ark Ventures and Matt Press of EquiShares.

The project has received mixed reactions from the community. North Miami Beach Mayor Anthony DeFillipo praised the development, saying it will bring much-needed housing to the area. However, local residents have expressed concerns about potential traffic and overcrowding issues.

"We're excited to bring this project to life and provide quality housing for the growing North Miami Beach community," said Pearl in a statement.

The Palm Aire project is just one of many developments planned in South Florida, as the region continues to experience a surge in population and economic growth. Despite challenges in the market, developers like PPG are finding ways to secure financing and move forward with their projects.