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South Florida

Chetrit Group gets short-term loan for Riverwalk land

Joseph Chetrit and a rendering of one of the proposed towers
Joseph Chetrit and a rendering of one of the proposed towers

Chetrit Group obtained a $55 million loan for the site of its proposed Miami Riverwalk development.

The New York firm got the short-term financing from UBS Real Estate Securities in a transaction recorded on July 18, according to Miami-Dade County records. The mortgage matures in August 2015.

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Chetrit wants to build four 60-story towers that include a marina, 300-room hotel and more than 1,400 condos. The buildings would be constructed on a 6.5-acre area bordered by the Miami River, Southwest Seventh Street, Southwest Third Avenue and Southwest Second Avenue.

The phased development would also include retail, some office space, a riverfront restaurant, green spaces and parking garages. — Eric Kalis

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