LA investment group drops $16.5M on property next to Miami Worldcenter

Chiron Investments affiliates financed the deal with $10.5M loan from Titan Capital

Miami /
Aug.August 14, 2018 01:30 PM

90 Northeast 11th Street, Art Falcone, Nitin Motwani and Romie Chaudhari

A Los Angeles-based family office just picked up a piece of the Miami Worldcenter pie.

Romie Chaudhari’s Chiron Investments paid about $16.5 million for the former nightclub building at 90 Northeast 11th Street in Overtown, property records show. The seller is Miami First LLC, led by Miami Worldcenter developer Nitin Motwani.

Chiron affiliates Pug44 and Pug45 LLC financed the deal with a $10.5 million mortgage from Titan Capital. The property includes an 11,250-square-foot building on a 12,500-square-foot lot. The warehouse was built in 1941, according to property records.

Motwani and Art Falcone are the master developers of the 27-acre, mixed-use project. The property they sold is not within Miami Worldcenter, a spokesperson for the project said. It’s immediately west of Block A, the northeasternmost corner of the development site. Block A is part of one of the eight locations in South Florida that Amazon included under the “Miami” umbrella in its search for a second headquarters.

In a statement, Miami Worldcenter Associates said it is seeing “heightened interest among investors and developers hoping to benefit from the new amenities, infrastructure upgrades, and commercial and residential activity” created by Miami Worldcenter.

The complex includes Paramount Miami Worldcenter, a 562-unit luxury condo tower, along with about 450,000 square feet of high street retail, an 1,100-space parking garage and an apartment tower. A 1,700-room convention center hotel and an office tower are also slated to break ground this year. Paramount, which is being co-developed by Dan Kodsi, recently topped off.

Chaudhari founded Chiron in 2007, according to the company’s website. It focuses on real estate in the U.S. through direct investments, joint ventures and non-traditional financing. The firm could not immediately be reached for comment.


Related Articles

arrow_forward_ios
Newgard's Harvey Hernandez, Lalezarian Properties’ Kevin Lalezarian and the Lofty Brickell and Miami World Tower projects (Newgard, Lalezarian Properties, Lofty Brickell, Miami World Tower)
Lenders dole out $320M in construction financing for Brickell, Miami Worldcenter condo towers
Lenders dole out $320M in construction financing for Brickell, Miami Worldcenter condo towers
Hollywood Locations' Christopher Ursitti and 1400 Northwest 31st Avenue (Hollywood Locations, Google Maps)
Movie studio complex may rise on former incinerator site in Fort Lauderdale
Movie studio complex may rise on former incinerator site in Fort Lauderdale
Marc Roberts (Photo by Sonya Revell)
The fall and rise of Marc Roberts, Miami nightclub and condo impresario
The fall and rise of Marc Roberts, Miami nightclub and condo impresario
Naftali buys Miami Worldcenter development site for $41M
Naftali buys Miami Worldcenter development site for $41M
Naftali buys Miami Worldcenter development site for $41M
McDowell wants to build 201 apartments near Homestead, puts land under contract
McDowell wants to build 201 apartments near Homestead, puts land under contract
McDowell wants to build 201 apartments near Homestead, puts land under contract
Jackie Soffer with 2750 Northeast 199th Street (Google Maps, Turnberry.com)
Jackie Soffer’s Turnberry proposes office/retail project near Aventura Mall
Jackie Soffer’s Turnberry proposes office/retail project near Aventura Mall
Adam Neumann (Getty Images, iStock/Illustration by Steven Dilakian for The Real Deal)
Adam Neumann scores construction loan for Miami Worldcenter apartments, revealing site ownership
Adam Neumann scores construction loan for Miami Worldcenter apartments, revealing site ownership
Witkoff CEO Steven Witkoff, Monroe Capital CEO Theodore Koenig and 700 North Miami Avenue in Miami (Google Maps, Witkoff, Monroe Capital, Kobi Karp)
Witkoff, Monroe plan three 57-story towers on Miami Worldcenter site
Witkoff, Monroe plan three 57-story towers on Miami Worldcenter site
arrow_forward_ios

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

Loading...