The Real Deal Miami

Downtown Whole Foods developer gets $45M loan

P&G Development Ltd. began construction of the 36,000-square-foot store last year
July 08, 2013 01:00PM

Rendering of Met3 tower, future site of Whole Foods

Rendering of Met3 tower

Ocean Bank has made a nearly $45 million loan for a Whole Foods planned for the Met3 tower in downtown Miami, the Daily Business Review reported.

The borrower, Miami-based P&G Development Ltd., began construction of the 36,000-square-foot store and an adjacent 12-story parking garage at 200 SE Second St. last year, with plans to potentially finish later this year.

A portion of the loan was used to pay off a $38.55 million mortgage made by Metropolitan Life Insurance Co. late last year, attorney Joe Dewey, a partner with Holland & Knight in Miami, told the Review. Dewey and associate Melanie Fernandez represented Ocean Bank.

The new loan document took into account the possibility of a third party buying the 10th, 11th and 12th floors of the garage plus the air rights on top of the structure. P&G has development rights to build more than 400 units.

“One of the challenges to structuring the transaction was to account for the possible future development of over 400 residential apartments that would be located above and adjacent to the Whole Foods and parking garage,” Dewey was quoted as saying. [Daily Business Review]Emily Schmall