MIAMI—Property Markets Group (PMG) and its joint venture partner S2 Development just closed a $133.7 million senior construction loan for Muse Residences. The condo is at 17141 Collins Avenue in Sunny Isles, FL. This is on top of the $167 million construction loan its developers inked last year.

Canyon Partners Real Estate made the loan, which marks a significant milestone for Muse. The developers broke ground last week. Construction for the luxury development will begin immediately with an estimated delivery date in fall of 2018.

“Canyon has been actively investing across all property types in Florida for over 20 years,” Jonathan Roth, CEO of Canyon, tells GlobeSt.com. “In addition to the $440 million in condominium construction loans we have committed over the past five years, we have also invested $377 million in retail, office, mixed use, multifamily and hotel projects through a combination of equity and senior loans.”

Muse offers residents 68 exclusive residences with clear views and a variety of floor plans from starting at 2,360 square feet. Muse have two-full floor penthouse units with five bedrooms, four and a half baths, a den and a service suite totaling over 5,800 square feet.

"Miami has become an important market for condo construction lenders, in part, because of the quality of the developments being approved and the level of sophistication of the developers,” Miami attorney Luis Flores, a partner with Arnstein & Lehr who represented PMG, tells GlobeSt.com. “Muse is a perfect example.”

Flores points to PMG's has “proven track record” in Miami and New York. He also notes that the development has very unique features attractive to buyers from all over the world.

“This transaction is significant because it underlines a new trend as lenders and developers are increasingly forming alliances—with lenders following developers from project to project,” Flores says.  “Lenders are looking to join forces with developers they trust and know will be good partners for the long haul."