JPMorgan Chase lends $68m on 19-story Miami tower

JPMorgan Chase Bank has provided New York developers Mack Real Estate Group and Wharton Equity Partners with a $68m loan for the development of a residential and retail tower in Miami, Florida. Mack Real Estate Group paid a reported $9m for the 1.3-acre site at 3635 Northeast First Avenue, 3604 and 3620 Northeast First Court in February 2014.