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PMG will be breaking ground next week on One Twenty Brickell Residences, a dual-tower luxury mixed-use condominium and rental development with a total of 803 residences located in Miami’s Brickell district. The national developer has secured $413 million construction financing from an Ares Real Estate fund alongside Monarch Alternative Capital.

It is the largest loan transaction in South Florida this year. The financing covers the condominium, multifamily, commercial and parking components of the property at 120 SW 8th St. The project will feature a 37-story, 277-unit condominium tower and a 41-story, 537-unit rental tower with a shared podium. One Twenty Brickell Residences is slated for completion in 2028.