After months of uncertainty following a foreclosure suit from its lender, Andrew Hellinger’s $300 million River Landing development is moving forward.
A spokesperson for the developer told The Real Deal that Hellinger has reached a settlement with his lender after signing on a new equity partner.
This morning, River Landing’s development team was set to go before a court hearing with its lender, an affiliate of Northstar Realty Finance Corp., which was pushing for a final judgment on a $38.19 million loan.
The outlook seemed grim: court documents reveal River Landing and Northstar had reached a confidential settlement agreement back in April that stipulated the developer had to fulfill its end of the deal by June 15. The deadline came and went, and the lender’s attorneys filed for a final judgment several weeks later.
But at the last minute, court documents show, Northstar canceled the hearing. A River Landing spokesperson said Hellinger found an equity partner to save the project. Details about the identity of River Landing’s new partner or what the settlement entails are unknown as of now.
The foreclosure itself is not yet dismissed, according to court records. Hellinger and his equity partner will close on their deal next month, the spokesperson said.
One thing is certain, however: the spokesperson told TRD that River Landing is moving forward as planned.
The project is to include two residential buildings with a combined 475 rental apartments, plus a five-story shopping center with 426,000 square feet of space. It would be built on roughly 8.1 acres of riverfront land at 1480 Northwest North River Drive.
Several major tenants had already signed leases, including Publix Super Markets and TJX Companies, known as the parent to chains like T.J. Maxx, Marshalls and Homegoods. The developer had also won a $7.5 million grant from Miami-Dade County from an Economic Development Fund early last year.