Zom scores $101M loan for Met Square rental tower in downtown Miami

Miami /
Jun.June 14, 2016 07:00 AM

Orlando-based apartment developer Zom has bought into Met Square, the final phase of MDM’s Metropolitan Miami project, and closed a $101 million loan for the tower.

Records show Zom paid $17.6 million for its portion of the property at 300 Southeast Third Street in downtown Miami. 

SE 3rd Street Miami Apartments Investors LLC, an entity controlled by Zom’s Samuel C. Stephens III, closed on the property and financing. The lender is an affiliate of UBS Realty Investors.

Met Square, which broke ground last summer, is the fourth phase of the Met project. When it’s completed, the property will include an 80,000-square-foot, 17-screen Silverspot Cinema on the third through sixth floors; retail and restaurant space on the first and second floors; and a 43-story, 391-unit apartment tower. It will also feature a history museum and Tequesta displays, after developers found artifacts from the Native American tribe in the construction site.

The rental tower, Avant at Met Square, has an estimated delivery date of the first quarter of 2018, according to Zom’s website. The project will offer 24-hour valet service and a eighth floor amenity deck with a resort-style pool and wellness center.

Previous phases of MDM’s Metropolitan Miami project include Met 1, a mixed-use condo tower; Met 2, the JW Marriott Marquis Miami, Hotel Beaux Arts Miami, db Bistro Moderne and Wells Fargo Financial Center; and Met 3, a mixed-use apartment tower (also developed by Zom) with a Whole Foods Market.


Related Articles

arrow_forward_ios
Asher Abehsera and Jonathon Yormak with 2400-2500 North Miami Avenue (Google Maps)
LIVWRK in contract to buy Wynwood assemblage from East End Capital
LIVWRK in contract to buy Wynwood assemblage from East End Capital
The Estate Companies Principal Jeff Ardizon and Managing Principal Robert Suris with a rendering of the project. (Estate)
Estate Companies scores $76M construction loan for North Miami Beach apartments
Estate Companies scores $76M construction loan for North Miami Beach apartments
The site and renderings of Premium Development’s nearby project. (Premium Development)
Multifamily developer buys piece of Little Havana assemblage
Multifamily developer buys piece of Little Havana assemblage
FECI's Kolleen Cobb with Countyline Corporate Park and the new sites at 4181 and 4241 West 108th Street (Google Maps)
FECI plans Countyline Corporate Park expansion with $33M construction loan
FECI plans Countyline Corporate Park expansion with $33M construction loan
Alliance Residential Company CEO Bruce Ward and 6595 Morikami Park Road (Google Maps)
Alliance Residential buys site, scores $46M construction loan for senior apartments in Delray Beach
Alliance Residential buys site, scores $46M construction loan for senior apartments in Delray Beach
Prologis CEO Hamid Moghadam with project plans, an aerial view of Northwest 129th Avenue and 14th Street and the Dolphin Expressway in Miami-Dade County (Prologis, Getty, Google Maps)
Prologis plans to expand its Beacon Lakes business park in Miami-Dade
Prologis plans to expand its Beacon Lakes business park in Miami-Dade
(iStock)
South Florida resi construction starts soar in March
South Florida resi construction starts soar in March
Domenic Gatto and Banyan Cay Resort and Club (Linkedin, iStock, Banyan Cay)
Developer of Banyan Cay Resort in West Palm faces charge tied to $65M healthcare fraud
Developer of Banyan Cay Resort in West Palm faces charge tied to $65M healthcare fraud
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...