Property Markets Group and Lndmrk Development secured a $126 million construction loan and commenced construction on Twenty Sixth & 2nd Wynwood Residences, Florida YIMBY reported on 2 May 2026. Madison Realty Capital and Siguler Guff provided the debt.
The eight-story building at 2600 Northwest Second Avenue holds 233 residences, 26,000 square feet of ground-floor retail and 32,000 square feet of amenity space inside 250,397 square feet. Completion is targeted for the second quarter of 2028.
Two lenders and one loan
The loan divides to $540,772 per residence across 233 units. That figure is arithmetic on the debt and the unit count. The report publishes no total development cost, no land price for the transfer and no soft cost line. Loan-to-cost cannot be computed from the published record.
The 2016 land basis behind a 2026 loan
ASG Equities, an affiliate of the Gindi family, assembled the 1.2-acre site for a combined $53.5 million in 2016. Property Markets Group and Lndmrk Development are acquiring the land.
Across 1.2 acres the 2016 assemblage divides to $44.58 million an acre. That figure is computed from the published basis and the published acreage.
The report publishes no current appraisal and no price for the transfer to the two sponsors. The 2016 basis and the 2026 debt sit in the same file with ten years between them, and the record carries no reconciliation of the two.
What ASG Equities keeps in the deal
ASG Equities is expected to retain ownership of the retail component and to hold a minority stake in the overall development. That structure puts 26,000 square feet of ground-floor retail outside the condominium inventory and keeps the seller inside the capital stack past delivery. The report names no tenant, no lease and no retail operator for the space.
Two sponsors and the team that executes
Kevin Maloney, Dan Kaplan and Ryan Shear lead Property Markets Group. Alex Karakhanian leads Lndmrk Development. CUBE 3 is the architect, BAMO holds the interiors, and John Moriarty & Associates of Florida Inc. is the general contractor. The report publishes no contract value for the builder and no completion guarantee.
The permit ladder on the city record
The project appears in Miami Building Department records under 223 NW 26th Street, an address inside the assemblage. An excavation, piles, site and soil improvement permit was issued at the end of January. A phased Class I full vertical permit followed on 9 April.
The department lists an estimated 250,397 square feet. That figure matches the one in the report. The vertical permit sits on the 26th Street address, and the marketing name carries Second Avenue. Anyone reading the filings later needs both.
About 168 residences sit under contract
Sales stand at approximately 72 percent of the residential inventory, with the Property Markets Group in-house team handling marketing and transactions. At 233 units the share resolves to about 168 contracts and about 65 open units. The report publishes no deposit terms, no closing count and no price schedule.
A percentage under contract is a sales position. Cash arrives at closing, and closing follows the certificate of occupancy in the second quarter of 2028.
The sponsor record on the same block
Society Wynwood, a 318-unit co-living project, stands directly across the street. Property Markets Group completed it in 2023. Property Markets Group and Lndmrk Development launched sales in January at Frida Kahlo Residences, a 244-unit building elsewhere in Wynwood. The two sponsors carry three Wynwood addresses into delivery on this schedule.
The decisions that arrive before 2028
Four items stay open. The retail tenant is unnamed across 26,000 square feet. The association documents for 233 furnished units carry no published leasing rule. The loan term, interest rate, maturity and covenant set sit outside the record. The operating handover between ASG Equities as retained retail owner and the condominium association has no published agreement.
The published area divides to 1,074.7 square feet per residence and 137.3 square feet of amenity per unit. Those ratios describe the product a buyer contracts for in 2026 against a building that opens in 2028.