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Development
South Florida

Related, Merrimac score $94M construction loan for Miami Worldcenter project

Bank OZK provided financing for The Crosby Residences, a planned 33-story condo tower

Related Group’s Jorge Pérez, Merrimac’s Nitin Motwani and rendering of The Crosby
Related Group’s Jorge Pérez, Merrimac’s Nitin Motwani and rendering of The Crosby (ArX Solutions, Wikipedia/Mtamz305, florida.uli.org)

Related Group and Merrimac Ventures landed $94 million in construction financing for a planned 33-story condominium at Miami Worldcenter.

Arkansas-based Bank OZK provided the loan for The Crosby, which will  have 450 units, according to records. The joint venture acquired the development site at 601 North Miami Avenue in Miami in 2021 for $12 million. 

The developers broke ground in January. Designed by Miami Lakes-based CFE Architects, The Crosby will feature units ranging from 350-square-foot studios to two-bedroom units spanning 825 square feet. Prices will start in the $300,000s. 

Coconut Grove-based Related, led by chairman Jorge Pérez, and Fort Lauderdale-based Merrimac, led by Dev and Nitin Motwani, are marketing the project as a short-term rental friendly development. Buyers will not face any restrictions on the length of time units can be leased, and some condos will be fully furnished. 

Nitin Motwani and his partner Art Falcone are the master developers of Miami Worldcenter, a $4 billion, 27-acre development in Miami’s Park West neighborhood that includes 300,000 square feet of retail, apartment buildings, hotels and condominiums. 

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The Crosby is part of the latest wave of development at Miami Worldcenter. 

Last month, the Miami Urban Development Review Board approved New York-based Naftali Group’s plans for a 65-story tower with a mix of condos and apartments, including four-bedroom penthouses ranging from 3,500 to 3,700 square feet. Naftali is proposing 786 residential units, 3,600 square feet of commercial space and 591 parking spaces. 

Last year, Naftali paid $40.5 million for 44,500-square-foot property at 1016 Northeast Second Avenue in Miami. 

Merrimac is also co-developing another short-term rental friendly condominium with Miami-based Aria Development Group. The partnership is proposing a 32-story condominium with 600 fully furnished units at 33-55 Northwest Sixth Street in Miami. Aria and Merrimac paid $11 million for the development site last year.  

Also last year, Dallas-based Lynd Living bought a 0.5-acre Miami Worldcenter site for $30 million. The vacant property is approved for a 650-unit apartment project.