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South Florida

MDM Retail secures $42M loan for Silverspot Cinema

Met Square rendering
Met Square rendering

A silver screen in downtown Miami will see some gold, thanks to a loan from Ocean Bank. 

MDM Retail received the $42 million loan from the bank for its Met project in downtown Miami.

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The loan will fund the project’s movie theater, which announced its groundbreaking in December 2010.

Silverspot Cinema will be housed in the 113,508-square-foot building on the northeast corner of Southeast Fourth Street and Southeast Third Avenue, the South Florida Business Journal reported. It will occupy 76,237 square feet in MDM’s Metropolitan Miami project.

The complex, which includes the JW Marriott Marquis hotel, is located at 333 and 345 Avenue of the Americas. Whole Foods market is also a main tenant. [South Florida Business Journal] — Katherine Kallergis