The Real Deal Miami

FECI bags $205M construction loan for MiamiCentral apartments

800 apartments slated to open at mixed-use project at end of 2018
March 16, 2017 05:45PM

Rendering of MiamiCentral (Credit: SOM / © Smilodon CG)

Florida East Coast Industries is moving full steam ahead with its MiamiCentral development. The Brightline parent company just secured a $205 million construction loan for the residential portion of the mixed-use project. 

Pacific Life Insurance Co. is the lender, according to the South Florida Business Journal. DT Residential South and DT Residential North are the borrowers. The loan is for 800 apartments that will be completed by the end of 2018.

The All Aboard Florida project is split into two sections: the 9-acre transit hub in downtown Miami that’s being built alongside the existing Government Center Metromover Station, plus a separate 12-story tower with office space, parking and a grocery store. All Aboard is building three mixed-use towers that will sit above the project’s elevated rail tracks, including the two residential towers with 800 apartments, Two Miami Central with 190,000 square feet of Class A office space, and 180,000 square feet of retail space.

Last month, a Suffolk Construction boom working on the MiamiCentral station hit a Metromover car in downtown Miami, killing one worker and injuring another.

The construction loan matures in March of 2027. Florida East Coast said it expects to start Brightline service up to West Palm Beach this summer, but Orlando will not be built and operational for at least two-and-a-half more years.

Florida East Coast Industries could not immediately be reached for comment, and the financing was not available in county records.

Nearby, Paramount Miami Worldcenter closed a $285 million loan in February for the 60-story, 562-unit tower that’s already under construction. [SFBJ] – Katherine Kallergis