Developer of Panorama Tower lands $340M construction loan

Florida East Coast Realty, which is developing the Panorama Tower on Brickell Avenue, has secured a $340 construction loan for the project.

Wells Fargo Bank, acting on behalf of a group of lenders, provided the mortgage to TWJ 1101, an FECR affiliate, a publication reported.

FECR expects 20 percent of the $800 million project’s funding to come from the EB-5 visa program, the South Florida Business Journal reported. The project landed its EB-5 designation because it’s expected to bring 1900 construction jobs, 192 management employees, 800 tenant employees and 220 visiting students to the city.

The 83-story multi-use tower, at 1101 Brickell Avenue in Miami, will have 821 apartments, 208 hotel rooms, 50,000 square feet of retail space and 100,000 square feet of medical space, the publication reported. The building will have amenities including a gym, theater, spa, music room, restaurant, pet spa, daycare, coffee bar, cafe and a pool.

The tower’s exterior was designed by Mosche Cosicher. Zyscovich Architects is responsible for the interior design.

Construction is already underway and is slated to finish in early 2018. [South Florida Business Journal] — Sean Stewart-Muniz