The developer of River Landing officially acquired the Miami project site and obtained a $38.2 million mortgage, The Real Deal has learned.
Andrew Hellinger’s River Landing Development picked up the 1400, 1420 and 1500 Northwest North River Drive site in a $26 million transaction last Friday, according to Miami-Dade County records. The county recorded the transaction Wednesday. The seller was Miami-based Mahi Shrine Holdings.
Eastwatch Holdings T, a company tied to New York-based NorthStar Realty Finance, gave River Landing a $38.2 million loan.
Miami commissioners approved the nearly 2.4 million-square-foot River Landing development in May 2013. Plans for the Miami River site, which is home to the Mahi Shrine Auditorium, include a 537,000-square-foot retail building and two residential towers with 444 apartments. HGTV’s David Bromstad is the creative consultant for the development.