Miami Worldcenter nabs construction loan for retail component

Fifth Third Bank provided $43M in financing

TRD MIAMI /
Jan.January 04, 2018 05:30 PM

Art Falcone, Nitin Motwani and Miami Worldcenter (Credit: Miami Worldcenter Associates)

Miami Worldcenter Associates just closed a $43 million construction loan for the retail and parking component of the massive mixed-use project under construction in downtown Miami.

The loan, provided by Fifth Third Bank, brings the project’s total financing up to about $500 million, according to a spokesperson. It’s being used for 53,000 square feet of retail space and a 1,100-space parking garage on Northeast Second Avenue between Eighth and Tenth streets.

Miami Worldcenter developers Nitin Motwani and Art Falcone, along with Taubman Centers and Forbes, are working on leasing the 360,000-square-foot high-street retail component.

The $1.2 billion project will include the 562-unit Paramount Miami Worldcenter condo tower,  the Seventh Street Apartments, a 1,700-room Marriott Marquis Miami Worldcenter Hotel & Expo, and a 600,000-square-foot office tower.

In October, the developers secured nearly $33 million in financing from Bank of the Ozarks. Earlier in 2017, the project’s community development district announced it issued private placement bonds that will fund $74 million of infrastructure upgrades for the project. And Paramount Ventures, which includes developer Dan Kodsi, Falcone and Motwani, closed on $285 million in construction financing for Paramount in March. – Katherine Kallergis


Related Articles

arrow_forward_ios
Rendering of SLS Resort Residence & Marina Hallandale Beach, Ari Pearl, Sam Nazarian and Faisal Ashraf

Ari Pearl lands $100M loan to build first phase of SLS project in Hallandale Beach

David Martin and the site at 2655 South Bayshore Drive (Credit: Realtor)

Terra closes on $185M construction loan for latest Coconut Grove project

From left: Cecilia Estevez, Mika Mattingly, and Jack Lowell

A piece bordering the $4B Miami Worldcenter megaproject just hit the market

Renderings of 400 Biscayne and Kevin Maloney 

Developers land $162M loan for downtown Miami co-living tower

Rendering of the Brickell hotel development, Tony Cho and Robert Finvarb

Finvarb and Cho land construction loan for mixed-use hotel near Brickell City Centre

Rendering of Pura Vida Hialeah with Michael Wohl, Stephen A. Blumenthal, Victor Brown, and David Brown

Developers score loan for mixed-use project in Hialeah

State report finds open gas valve fueled building explosion at Plantation shopping center

Bayside Marketplace is planning another high-rise entertainment venue with a view

arrow_forward_ios