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
Shoma Group CEO Masoud Shojaee and a rendering of Ten30 South Beach

Shoma nabs $18M construction loan for condos near Lincoln Road

Rendering of Vox Miami

Treo Group scores loan for mixed-use student housing project in South Miami

Rendering of Wynwood 28 and Laurent Morali 

Kushner lands $18M loan for Wynwood projects

Rendering of Grand Station project, Oscar Rodriguez, Alex Rodriguez, and Ricardo Vadia (Credit: Michael Loccisano/Getty Images)

Grand Station tower project in downtown Miami scores $53M loan

Ira Saferstein and Marc Roberts, with a rendering of Miami Worldcenter

E11even owner Marc Roberts returns to Miami Worldcenter with $27M purchase

Matt Rieger and a rendering of Paradise Lake Apartments

Developer scores financing for West Kendall affordable housing project

Arnaud Karsenti, Michael Adler and the Link at Douglas

Douglas Station project scores $99M loan for second tower

Brickell Flatiron and Ugo Colombo

Ugo Colombo pays off $236M construction loan for Brickell Flatiron

arrow_forward_ios
Loading...